0001140361-23-044252 | F-1/A | XBRL Viewer | Bitdeer Technologies Group

At December 31,

In thousands of USD

Right-of-use assets

- Land and buildings

Investment properties

- Leasehold land

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TAXATION - Gross value of such unused tax losses (Details) $ in Thousands	Dec. 31, 2022 USD ($)
TAXATION
Unused tax losses	$ 96,687
Singapore
TAXATION
Unused tax losses	3,555
Hong Kong
TAXATION
Unused tax losses	4,694
United States
TAXATION
Unused tax losses	$ 88,438

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Disaggregated Revenues and Mining Assets Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment information
Deferred Revenues	$ 102,300	$ 11,100	$ 10,300
Revenue	333,342	394,661	186,387
Non-current assets	262,285		208,142
Singapore
Segment information
Revenue	27,591	79,537	90,808
Non-current assets	46,306		7,481
Asia Excluding Singapore [Member]
Segment information
Revenue	136,901	211,805	57,146
North America
Segment information
Revenue	141,174	75,559	24,063
Non-current assets	170,439		181,864
Europe
Segment information
Revenue	19,075	15,487	7,755
Non-current assets	45,540		18,797
Other Countries [Member]
Segment information
Revenue	$ 8,601	$ 12,273	$ 6,615

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS (Tables)

12 Months Ended

Dec. 31, 2022

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

Summary of expenses by nature

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Staff cost
- salaries, wages and other benefits	33,041	37,730	50,132
Share-based payments	—	88,355	90,648
Amortization
- intangible assets	111	146	97
Depreciation
- mining machines	98,136	43,857	29,281
- property, plant and equipment	9,807	14,416	30,438
- investment properties	—	—	1,237
- right-of-use assets	3,983	4,636	5,371
Electricity cost in operating mining machines	72,078	58,447	139,469
Cost of mining machines sold	17,537	5,978	1,002
Consulting service fee	1,039	8,787	6,797
Tax and surcharge	3,085	2,202	3,355
Advertising expenses	2,189	880	737
Office expenses	543	2,219	3,124
Research and development technical service fees	681	1,964	1,313
Expenses of low-value consumables	971	1,662	4,025
Expenses of variable payment lease	—	610	639
Expenses of short-term leases	372	351	527
Impairment loss of mining machines	—	106	—
Logistic expenses	339	1,391	3,060
Travel expenses	52	1,393	3,202
Insurance fee	459	983	3,446
Others	766	4,826	12,756
Total cost of revenue, selling, general and administrative and research and development expenses	245,189	280,939	390,656

Summary of other operating income / (expenses)

	Years ended December 31,
In thousands of USD	2020	2021	2022
Net gain / (losses) on disposal of cryptocurrencies	2,716	18,725	(3,131)
Impairment loss of cryptocurrencies	—	(436)	—
Change in fair value of cryptocurrencies lent	—	(3,735)	—
Net loss on disposal of mining machine	(2,984)	(36)	(497)
Write-off of receivables from a related party⁽¹⁾	(2,025)	—	—
Others	248	107	—
Total	(2,045)	14,625	(3,628)

(1)	In 2020, Bishkek Maker Cloud Technologies Co., Ltd. (“Bishkek”), an entity of the Bitdeer Business, waived a receivable of approximately US$2.0 million from one of the subsidiaries of Bitmain. Bishkek was disposed of in July 2021.

Summary of other net gain /(loss)

	Years ended December 31,
In thousands of USD	2020	2021	2022
Loss on impairment of property, plant and equipment	(2,211)	—	—
Gain on extinguishment of debt	—	880	—
Net gain on disposal of property, plant and equipment and intangible assets	66	56	662
Government grants	307	35	42
Changes in fair value of financial assets at fair value through profit or loss	—	—	(841)
Net gain on disposal of other financial assets	—	—	213
Impairment loss of a pre-matured investment⁽¹⁾	—	(2,025)	—
Net gain on settlement of balances with Bitmain	—	4,468	—
Others	(722)	(931)	281
Total	(2,560)	2,483	357

Summary of finance income / (costs)

	Years ended December 31,
In thousands of USD	2020	2021	2022
Interest on lease liabilities	(817)	(1,217)	(2,425)
Cryptocurrency transaction service fee	(458)	(109)	(159)
Gain / (loss) on foreign currency transactions	618	(226)	(2,881)
Interest income	419	2,947	4,291
Interest expenses on bank loan	(6)	(3)	—
Interest expense on convertible debt	—	(1,223)	(2,778)
Others	(136)	(110)	(229)
Total	(380)	59	(4,181)

LEASES - Amounts recognized in profit or loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense of right-of-use assets(c)	$ 5,371	$ 4,636	$ 3,983
Gain on lease modification(a)		(205)	(6)
Interest expense(b)	2,425	1,217	817
Expenses relating to variable payment leases	639	610
Expense relating to short-term leases(c)	527	351	372
Total	8,962	6,609	5,166
Total cash outflow for leases	6,300	$ 5,400	$ 5,400
Leasehold land \| Investment property
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense of right-of-use assets(c)	200
Interest expense(b)	$ 100

SHARE-BASED PAYMENTS

12 Months Ended

Dec. 31, 2022

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS

17.	SHARE-BASED PAYMENTS

In July 2021, the Board of Directors of the Group approved the adoption of the 2021 Share Incentive Plan (the “2021 Plan”). The Group granted a total of 1,097,852,000 share awards in two batches in August and November 2021 in the year ended December 31, 2021, and a total of 139,690,400 share awards in four batches in January, April, July and October 2022 in the year ended December 31, 2022, to the designated recipients under the 2021 Plan. Each share award grants an option for the recipient to purchase one share of the Group’s ordinary shares at an exercise price of US$0.03 per share. The majority of the share awards vest in two to seven years and certain share awards vest immediately upon issuance. The recipient shall continue to provide services to the Group by each vesting date. All share awards granted in 2021 and 2022 expire on July 20, 2031.

The following table illustrates the number of shares and weighted average exercise prices of, and movements in, share awards:

	Number of options (’000)	Average exercise price per share option (US$)	Average fair value per share option (US$)
As at January 1, 2021	—	—	—
Granted during the year	1,097,852	0.03	0.23
As at December 31, 2021	1,097,852	0.03	0.23

	Number of options (’000)	Average exercise price per share option (US$)	Average fair value per share option (US$)
Granted during the year	139,690	0.03	0.16
Forfeited	(25,597)	0.03	0.22
As at December 31, 2022	1,211,945	0.03	0.22
Vested and exercisable at December 31, 2022	417,767	0.03	0.22

The expense recognized for share awards during the year ended December 31, 2021 and 2022 was approximately US$88.4 million and US$90.6 million. The breakdown is as follows:

	Year ended December 31,
In thousands of USD	2021	2022
Cost of revenue	10,424	10,050
General and administrative expenses	54,458	48,850
Research and development expenses	18,246	24,258
Selling expenses	5,227	7,490
Total	88,355	90,648

The fair value of the share awards is estimated at the grant date using the binomial model with the assistance of an independent valuation specialist. The following table provides the inputs to the model used for determining the value of the grant for the years ended December 31, 2021 and 2022:

	At August 1, 2021	At November 1, 2021
Dividend yield (%)	—	—
Expected volatility (%)	130.19%	130.23%
Risk-free interest rate (%)	1.24%	1.57%
Exercise multiple	2.20-2.80	2.20

	At January 1, 2022	At April 1, 2022	At July 1, 2022	At October 1, 2022
Dividend yield (%)	—	—	—	—
Expected volatility (%)	128%	123%	120%	121%
Risk-free interest rate (%)	1.618%	2.415%	2.893%	3.886%
Exercise multiple	2.20-2.80	2.20	2.20	2.20

The above inputs for the binomial model have been determined based on the following:

•	Dividend return is estimated by reference to the Group’s plan to distribute dividends in the near future. Currently, this is estimated to be zero as the Group plans to retain all profit for corporate expansion;

•	Expected volatility is estimated based on the daily close price volatility of a number of comparable companies to the Group;

•	Risk-free interest rate is based on the yield to maturity of U.S. treasury bills denominated in US$ at the option valuation date;

•	Exercise multiple is based on empirical research on typical share award exercise behavior.

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS - Other net gain or (loss) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS
Loss on impairment of property, plant and equipment				$ (2,211)
Gain on extinguishment of debt			$ 880
Net gain on disposal of property, plant and equipment and intangible assets		$ 662	56	66
Government grants		42	35	307
Changes in fair value of financial assets at fair value through profit or loss		(841)
Net gain on disposal of other financial assets		213
Impairment loss of a pre-matured investment(1)			(2,025)
Net gain on settlement of balances with Bitmain			4,468
Others		281	(931)	(722)
Total		$ 357	$ 2,483	$ (2,560)
Payment for project investment agreement with a third party	$ 2,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Summary of restated consolidated statements

	2020	2020	2020
In thousands of USD	As previously reported	Effect of adjustment – sale of mining machines	As restated
Revenue	168,850	17,537	186,387
Cost of revenue	(192,027)	(17,537)	(209,564)

Restated consolidated statements of cash flows

	2020	2020	2020
In thousands of USD	As previously reported	Effect of adjustment— sale of mining machines	As restated
Cash flows from operating activities	(124,395)	15,219	(109,176)
Cash flows from investing activities	77,961	(15,219)	62,742

	2021	2021	2021
In thousands of USD	As previously reported	Effect of adjustment— disposal of cryptocurrencies	As restated
Cash flows from operating activities	454,656	(507,122)	(52,466)
Cash flows from investing activities	(112,553)	507,122	394,569

Summary of expected useful lives of Property, plant and equipment

•	Buildings	20 years
•	Land	Unlimited
•	Machinery	3 – 10 years
•	Electronic equipment	3 – 7 years
•	Leasehold improvements	3 years

Schedule of Estimated Useful Life of Investment Property

•	Buildings	15 years
•	Leasehold land	15 years
•	Machinery, fixtures as part of the buildings	3 – 8 years

Schedule of contracts with customers, Revenue

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Self-mining	88,493	191,693	62,359
Cloud hash rate
Hash rate subscription	31,389	53,952	77,862
Electricity subscription	45,242	35,113	39,525
Additional consideration from Cloud Hash Rate arrangements under acceleration mode	1,657	35,140	3,954
Sales of mining machines	15,844	45,693	705
Cloud hosting arrangements⁽²⁾	2,929	7,568	12,723
General hosting	—	18,312	99,251
Membership hosting	—	—	26,056
Others⁽¹⁾	833	7,190	10,907
Total revenues	186,387	394,661	333,342

(1)	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, and the sale of mining machine peripherals.

(2)	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2020, 2021 and 2022.

Schedule of disaggregated revenue data by geographical region

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Singapore	90,808	79,537	27,591
Asia, excluding Singapore	57,146	211,805	136,901
North America	24,063	75,559	141,174
Europe	7,755	15,487	19,075
Others	6,615	12,273	8,601
Total	186,387	394,661	333,342

	At December 31,
	2021	2022
Singapore	7,481	46,306
North America	181,864	170,439
Europe	18,797	45,540
Total	208,142	262,285

Schedule of new standards and interpretations

Standard/Interpretation	Application Date of Standard	Application Date for the Group
Amendments to IFRS 1, Subsidiary as a First-time Adopter	January 1, 2022	January 1, 2022
Amendments to IFRS 9, Derecognition of Financial Liabilities	January 1, 2022	January 1, 2022
Amendments to IFRS 3, Reference to the Conceptual Framework	January 1, 2022	January 1, 2022
Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use	January 1, 2022	January 1, 2022
Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract	January 1, 2022	January 1, 2022

Standard/Interpretation			Application Date for the Group
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges			January 1, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach			January 1, 2023
Amendments to IAS 1, Making Materiality Judgement			January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies			January 1, 2023
Amendments to IAS 8, Definition of Accounting Estimates			January 1, 2023
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction			January 1, 2023
Initial Application of IFRS 17 and IFRS 9—Comparative Information			January 1, 2023
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies			January 1, 2024
Amendments to IAS 1, Classification of Debt with Covenants			January 1, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee			January 1, 2024

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Profit / (loss) for the year	$ (60,366)	$ 82,643	$ (55,826)
Revenues recognized on acceptance of cryptocurrencies	(304,962)	(333,668)	(170,228)
Depreciation and amortization	66,424	63,055	112,037
Share-based payment expenses	90,648	88,355
Loss / (gain) on disposal of property, plant and equipment and intangible assets	(662)	(56)	(66)
Changes in fair value of financial assets at fair value through profit or loss	841
Net gain on disposal of financial assets at fair value through profit or loss	(213)
Loss on disposal of mining machines	497	36	2,984
Loss / (gain) on disposal of cryptocurrencies	3,131	(18,725)	(2,716)
Change in fair value of cryptocurrency lent		3,735
Impairment charges		2,567	4,236
Loss / (gain) on foreign currency transactions	2,881	226	(618)
Gain on extinguishment of debt		(880)
Gain on settlement of balance with Bitmain		(4,468)
Loss on disposal of subsidiaries		8
Interest income	(4,291)	(2,947)	(419)
Interest expense on bank loan		3	6
Interest accretion on lease liabilities	2,425	1,217	817
Interest expense on convertible debt	2,778	1,223
Gain on lease modification		(205)	(6)
Income tax expenses / (benefit)	(4,400)	48,246	(7,961)
Changes in:
Restricted cash	(1,184)	(2,971)	(2,622)
Trade receivables	(5,350)	(13,258)
Prepayments and other assets	(21,913)	(4,070)	(5,381)
Mining machines held for sale	1,002	5,957	17,440
Amounts due from a related party	337	(413)
Trade payables	(6,018)	12,508	512
Deferred revenue	(9,159)	6,782	(2,151)
Amount due to a related party	297	19
Other payables and accruals	1,299	12,667	1,670
Cash used in operating activities:	(245,958)	(52,414)	(108,292)
Interest paid on leases	(2,425)	(1,217)	(842)
Interest paid on convertible debt	(2,433)	(1,080)
Interest received	2,791	2,202	340
Income taxes paid	(20,012)	(19)	(382)
Income tax refunded		62
Net cash used in operating activities	(268,037)	(52,466)	(109,176)
Cash flows from investing activities
Purchase of property, plant and equipment and intangible assets	(63,200)	(62,882)	(19,851)
Purchase of mining machine		(26,611)	(124,033)
Purchase of financial assets at fair value through profit or loss	(61,550)
Proceeds from disposal of financial assets at fair value through profit or loss	1,213
Purchase of cryptocurrencies	(285,990)	(60,045)
Loans to related parties	(322)	(32,166)	(161,000)
Repayments from related parties	1,087	21,698	194,353
Lending to a third party	(2,546)
Proceeds from disposal of property, plant and equipment and intangible assets	962	877	159
Proceeds from disposal of cryptocurrencies	560,988	568,553	173,063
Proceeds from disposal of mining machines			51
Disposal of subsidiaries, net of cash disposed of	9,881	(14,855)
Cash paid for asset acquisition, net of cash acquired	(26,730)
Net cash generated from investing activities	133,793	394,569	62,742
Cash flows from financing activities
Proceeds from bank loan			871
Capital element of lease rentals paid	(3,884)	(4,181)	(4,517)
Capital contribution received from related party			420,000
Deemed distribution to related parties		(10,943)	(394,772)
Repayments of borrowings from related parties		(29,302)
Proceeds from convertible debt		30,000
Borrowings from related parties			9,194
Net cash generated from / (used in) financing activities	(3,884)	(14,426)	30,776
Net (decrease) / increase in cash and cash equivalents	(138,128)	327,677	(15,658)
Cash and cash equivalents at January 1	372,088	44,753	59,826
Effect of movements in exchange rates on cash and cash equivalents held	(2,598)	(342)	585
Cash and cash equivalents at December 31	$ 231,362	$ 372,088	$ 44,753

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restated consolidated statements of operations and comprehensive income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue	$ 333,342	$ 394,661	$ 186,387
Cost of revenue	$ (250,090)	$ (153,255)	(209,564)
Previously reported
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue			168,850
Cost of revenue			(192,027)
Adjustment \| Sale of mining machines
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Revenue			17,537
Cost of revenue			$ (17,537)

MINING MACHINES (Details) - USD ($) $ in Thousands	12 Months Ended
MINING MACHINES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Mining Machines [Line Items]
Balance at the beginning	$ 46,469	$ 64,800
Balance at the end	27,703	46,469	$ 64,800
Cost:
Mining Machines [Line Items]
Balance at the beginning	123,136	129,246	81,482
Additions	12,016	31,645	133,335
Disposals	(12,949)	(37,998)	(87,597)
Exchange adjustments		243	2,026
Balance at the end	122,203	123,136	129,246
Accumulated depreciation:
Mining Machines [Line Items]
Balance at the beginning	(76,561)	(64,446)	(32,357)
Charge for the year	(29,281)	(43,857)	(98,136)
Disposals	11,443	32,005	67,113
Exchange adjustments		(263)	(1,066)
Balance at the end	(94,399)	(76,561)	(64,446)
Impairment:
Mining Machines [Line Items]
Balance at the beginning	(106)		(9)
Additions		(106)
Disposals	5		$ 9
Balance at the end	$ (101)	$ (106)

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2022

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

4.	FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

Financial risk factors

The Group is exposed to various market risks including cryptocurrency risk, interest rate risk, investment risk and foreign currency risk, as well as credit risk and liquidity risk. The Group has designed and implemented various risk management strategies, discussed further below, to ensure the exposure to these risks is consistent with its risk tolerance and business objectives.

a.	Market risk

i.	Cryptocurrency risk

The Group is exposed to cryptocurrency risk as it yields cryptocurrencies from certain revenue arrangements. The Group recognizes revenue based on the spot fair value of cryptocurrencies on the day they are earned, but the value of the cryptocurrencies is subject to change on the date they are disposed of for fiat currency.

Cryptocurrency prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and the global political and economic conditions. The profitability of the Group is highly correlated to the current and future market price of cryptocurrencies and a decline in the market prices for cryptocurrencies could negatively impact the Group’s future operations. In addition, the Group may not be able to liquidate its holdings of cryptocurrencies at its desired price if required, or, in extreme market conditions, the Group may not be able to liquidate its holdings of cryptocurrencies at all.

Cryptocurrencies have a limited history, and the fair value of cryptocurrencies has been very volatile. The historical performance of cryptocurrencies is not indicative of their future price performance. The cryptocurrencies involved in the Group’s operation are currently primarily based on bitcoin and USDT. The Group currently does not use any derivative contracts to hedge its exposure to cryptocurrency risk, but management closely monitors the impact of the mainstream cryptocurrency exchange market on the change of exchange rates from cryptocurrency to fiat currency. The Group limits its exposure to the cryptocurrency risk by including in its operation strategy to dispose of the cryptocurrencies for fiat currency shortly after they are earned.

ii.	Interest rate risk

The Group’s interest rate risk is primarily attributable to bank deposits, restricted cash and borrowings. Bank deposits, restricted cash and borrowings at variable rates and fixed rates expose the Group to cash flow interest rate risk and fair value interest rate risk respectively. Management closely monitors the fluctuation of such rates periodically.

iii.	Investment risk

The Group is exposed to investment risk from investment transactions such as the purchase of cryptocurrency-denoted wealth management products and investment in financial assets at fair value through profit or loss. These investments are not principal-guaranteed, and the Group may suffer material loss from such investments. The Group monitors its investments closely and limits its exposure to the investment risk by including in its operation strategy the requirements to, with regard to the purchase of cryptocurrency-denoted wealth management products, invest only in robust wealth management products and the investments need to be redeemed within the same fiscal quarter, and, with regard to the investment in financial assets at fair value through profit or loss, perform due diligence on the prospect investees to evaluate the business soundness before making an investment, and communicate regularly with the investee, review management report and the latest financial statements, if any, to evaluate the stage of investment and whether any action should be taken regarding the investment.

iv.	Foreign currency risk

The Group is exposed to foreign currency risk as it conducts transactions which give rise to payables and cash balances that are denominated in foreign currencies and the fair value or future cash flows of the Group’s financial instrument may fluctuate due to movement in foreign exchange rates of these foreign currencies. The volatility of exchange rates depends on many factors that the Group is not able to accurately forecast. Management is closely monitoring the Group’s exposure to currency risk and seeks to minimize its exposure to such risk. The Group was not exposed to material foreign currency risk during the years ended December 31, 2020, 2021 and 2022.

b.	Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit risk arises mainly from cash deposited in the banks and cryptocurrencies held in custody, cryptocurrency lending transactions and cryptocurrency-denoted wealth management product purchases.

To manage risk arising from cash, cash equivalents and restricted cash, the Group only transacts with reputable financial institutions. There has been no recent history of default in relation to these financial institutions.

For the years ended December 31, 2020, 2021 and 2022, substantially all of the Group’s cryptocurrencies are stored in wallets held in the custody of Matrix Finance and Technologies Holding Company (“Matrixport Group”), a related party. To limit exposure to credit risk relating to cryptocurrencies under custody, the Group evaluates the system security design of the custody service provider and regularly reviews the exposure of cryptocurrencies held in custody. The Group has further implemented internal controls to ensure the appropriate access to the cryptocurrencies under custody and adopted the operating strategy of disposing of the cryptocurrency for fiat currency shortly after they are earned. The Group expects that there is no significant credit risk from non-performance by Matrixport Group.

However, bitcoin and other blockchain-based cryptocurrencies have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. A successful security breach or cyberattack could result in a partial or total loss of the Group’s cryptocurrencies and such a loss could have a material adverse effect on the Group’s financial condition and results of operations.

The Group also has credit exposure to cryptocurrency lending transactions and cryptocurrency-denoted wealth management product purchases. The Group assesses such credit risk both at contract inception and each quarter or in shorter interval by considering the past collection experience and any indications that the corresponding amount may not be fully collected. To manage such exposure, the Group continuously monitors the relevant factors, such as the liquidity of the underlying cryptocurrencies, negative report related to the counterparty, and deals only with creditworthy counterparties and includes in its operation strategy that the lending needs to be collected, and the wealth management products need to be redeemed within the same fiscal quarter. Currently, the Group only conducts such transactions with the Matrixport Group. The Group has never experienced credit losses and has no existing exposures to such credit risk as of each end date of the consolidated statement of financial position. Consequently, credit exposure to these transactions is not considered material.

c.	Liquidity risk

Liquidity risk arises in situations where the Group has difficulties in fulfilling financial liabilities when they become due.

Prudent liquidity risk management implies maintaining sufficient cash in order to meet the Group’s financial obligations. The Group manages its liquidity risk by monitoring cash flow generated from operations and available borrowing capacity, and by managing the maturity profiles of its long-term loans.

The following is the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:

	At December 31, 2021
In thousands of USD	Within 1 year or on-demand	More than 1 year but less than 2 years	More than 2 years but less than 5 years	More than 5 years	Total	Carrying amount at December 31
Trade payables	17,740	—	—	—	17,740	17,740
Other payables and accruals	17,258	—	—	—	17,258	17,258
Amount due to a related party	19	—	—	—	19	19
Borrowings	—	29,460	—	—	29,460	29,460
Lease liabilities	5,489	5,516	16,275	53,254	80,534	62,968
	40,506	34,976	16,275	53,254	145,011	127,445

	At December 31, 2022
In thousands of USD	Within 1 year or on-demand	More than 1 year but less than 2 years	More than 2 years but less than 5 years	More than 5 years	Total	Carrying amount at December 31
Trade payables	15,768	—	—	—	15,768	15,768
Other payables and accruals	22,176	—	—	—	22,176	22,176
Amount due to a related party	316	—	—	—	316	316
Borrowings	29,805	—	—	—	29,805	29,805
Lease liabilities	7,471	6,967	20,290	53,347	88,075	70,425
	75,536	6,967	20,290	53,347	156,140	138,490

Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair values are estimated at a specific point in time, by discounting expected cash flows at rates for assets and liabilities of the same remaining maturities and conditions. These estimates are subjective in nature and involve uncertainties and significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:

•	Level 1 valuation: unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.

•	Level 2 valuation: inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly.

•	Level 3 valuation: fair value measured using significant unobservable inputs.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

As of December 31, 2021 and 2022, except for the investments in financial assets at fair value through profit or loss and USDC, substantially all of the Group’s financial assets and financial liabilities are carried at amortized costs and the carrying amounts approximate their fair values.

The fair value of financial instruments traded in active markets is determined with reference to quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required for evaluating the fair value of a financial instrument are observable, the instrument is included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.

For the years ended December 31, 2021 and 2022, the fair value of the cryptocurrencies lent or invested is measured on a recurring basis at quoted price at the time the fair value of the underlying cryptocurrencies is being measured, which the Group considers to be a Level 1 fair value input. The fair value of the embedded derivative relating to the wealth management product is measured on a recurring basis by taking the net asset value provided by the counterparty, which the Group considers to be a Level 2 fair value input.

The Group’s finance department performs valuations of financial instruments. The finance department reports directly to the chief financial officer and discusses valuation processes and results with the chief financial officer in order to comply with the Group’s accounting and reporting requirements.

The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments.

The fair value measurement hierarchy for the Group’s financial instruments measured at fair value is as follows:

In thousands of USD	Valuation technique(s) and key input	December 31, 2021	Level 1	Level 2	Level 3
USDC	Quoted price	99	99	—	—
Investments A and B in unlisted equity instruments	Recent transaction price	1,250	—	—	1,250

In thousands of USD	Valuation technique(s) and key input	December 31, 2022	Level 1	Level 2	Level 3
USDC	Quoted price	89	89	—	—
Investments A, B and D in unlisted equity instruments	Net asset value	18,348	—	—	18,348

In thousands of USD	Valuation technique(s) and key input	December 31, 2022	Level 1	Level 2	Level 3
Investments C and E in unlisted equity instruments	Recent transaction price	11,500	—	—	11,500
Investment in unlisted debt instrument	Net asset value	31,111	—	—	31,111

For the year ended December 31, 2022, there was no transfer between levels. Transfers between levels of the fair value hierarchy, if any, are deemed to occur at the end of each reporting period. The Group did not hold any financial assets at fair value through profit or loss in the year ended December 31, 2020.

	Years ended December 31,
In thousands of USD	2021	2022
Unlisted equity instruments and debt instrument at fair value through profit or loss measured using significant unobservable inputs:
At January 1,	—	1,250
Additions	1,250	61,550
Disposals	—	(1,213)
Net gain on disposal of financial assets at fair value through profit or loss	—	213
Net fair value changes recognized in profit or loss	—	(841)
At December 31,	1,250	60,959

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

a.	Basis of preparation

The accompanying consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

The consolidated historical financial statements comprise the following financial information:

•	the combined results of operations of the Bitdeer Business during the year ended December 31, 2020, and the period from January 1, 2021 to April 15, 2021 (the “Carve-out Period”), which have been prepared on a carve-out basis; and

•

the consolidated financial position of the Group as of December 31, 2021 and 2022 and the consolidated results of operations of the Group for the period from April 16, 2021 to December 31, 2021 and for the year ended December 31, 2022, which have been prepared on a consolidated basis (together, the “consolidated financial statements”).

Preparing combined financial statements of Bitdeer Business on a carve-out basis

Pursuant to the Reorganization discussed in Note 1, the Group prepared the combined financial statements to capture the stand-alone Bitdeer Business, which has historically operated as part of Bitmain. The Group also excluded the assets, liabilities, operation results and cash flows of BTC.com Pool Business from its combined financial statements as a result of the Reorganization. The combined financial statements have not historically been prepared for the Bitdeer business.

In preparing the combined historical financial information, certain accounting conventions commonly used for the preparation of combined historical financial information have been applied. The term “combined financial statements” is used when referring to financial information prepared by aggregating financial statements of separate entities or components of groups that fail to meet the definition of a “group” under IFRS 10 Consolidated financial statements. A key assumption underlying the preparation of combined financial statements is that there is a binding element for the economic activities throughout the period presented. The combined financial statements of the Group have been prepared by aggregating the financial information of the Bitdeer Business that was bound together by common control but was not a legal group. Intra-group transactions and the balances and unrealized gains or losses have been eliminated in the preparation of the combined financial statements.

The combined financial statements of the Bitdeer Business are derived from the historical accounting records of Bitmain on the following basis:

(i)

The combined statements of operations and comprehensive income / (loss) of the Bitdeer Business include all revenues and costs directly attributable to the Bitdeer Business. These include certain common operating and administrative expenses incurred by the Bitdeer Business in conjunction with other business operations of Bitmain and BTC, including financial, human resources, office administration and other support functions. These costs have been allocated on a basis considered reasonable by management using either specific identification or proportional allocations based on usage, headcount, or other reasonable methods of allocation. Income tax expense was estimated based on the statutory tax rate, adjusted as appropriate for the effects of known non-taxable and non-deductible items reported in the combined statements of operations and comprehensive income / (loss) as described above. However, the combined financial statements of the Bitdeer Business may not reflect the actual costs that would have been incurred and may not be indicative of the Bitdeer Business’s combined results of operations, financial position, and cash flows had it been operating on a separate, stand-alone basis during the periods presented.

(ii)

The Bitdeer Business did not comprise a separate legal entity or group of entities during the Carve-out Period. Therefore, it is not meaningful to present share capital or an analysis of reserves. The Group’s equity balance represented the excess or deficits of total assets over total liabilities and was presented as invested capital in the consolidated statements of financial position. Transactions between the Bitdeer Business, Bitmain and BTC during the Carve-out Period were accounted for as related party transactions. Changes in net assets attributed to the Group are presented separately in the consolidated statement of changes in invested capital and equity through the line item “deemed contribution from / (distribution to) related parties”. Equity transactions reflecting the internal financing between Bitdeer Business, Bitmain and BTC are included in the financing activities, presented as deemed contribution from / (distribution to) related parties, in the consolidated statements of cash flows.

Consolidation

Subsequent to the Carve-out Period, the Group’s financial information is prepared on a consolidated basis, for which the consolidation policies are described below.

Subsidiaries are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealized gains on transactions between the Company and its subsidiaries are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. The accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Restatement of prior years’ financial statements

Presentation on the sale of mining machines

During 2021, the Group identified an error in presenting the revenue from the sale of the mining machine as the difference between the selling price and the remaining net book value of the associated mining machine under IAS 16 Property, plant and equipment. As the sale of mining machines represents contracts with customers in the Group’s ordinary course of business, the transactions should have been accounted for under IFRS 15 Revenue from contracts with customers. Revenue from the sale of mining machines should have been recognized at the amount of promised consideration to which the Group is expected to be entitled, and the cost of revenue should have been recognized at the net book value of the mining machines sold. See Note 2(q) for a detailed discussion on the revenue recognition policy associated with the sale of mining machines. The previously reported combined financial statements for the year ended December 31, 2020 are restated to correct the above error.

Cash flow presentation on the disposal of cryptocurrencies earned from revenue arrangements

The Group restated the presentation of disposal of cryptocurrencies earned from revenue arrangements from operating activities to investing activities for the year ended December 31, 2021 as IAS 7 has indicated receipts from sales of intangible assets and debt investments are expected to be classified as investing activities. See Note 2(h) for the accounting policy related to the disposal of cryptocurrencies. The previously reported combined statements of cash flows for the year ended December 31, 2020 have been presented consistently with the current period’s presentation.

The effects of the above adjustments on the consolidated statements of operations and comprehensive income / (loss) for the year ended December 31, 2020 and the consolidated statements of cash flows for the years ended December 31, 2020 and 2021 are presented below. These adjustments did not have any impact on the net loss or the consolidated statement of financial position for the periods presented.

Restated consolidated statements of operations and comprehensive income / (loss)

	2020	2020	2020
In thousands of USD	As previously reported	Effect of adjustment – sale of mining machines	As restated
Revenue	168,850	17,537	186,387
Cost of revenue	(192,027)	(17,537)	(209,564)

Restated consolidated statements of cash flows

	2020	2020	2020
In thousands of USD	As previously reported	Effect of adjustment— sale of mining machines	As restated
Cash flows from operating activities	(124,395)	15,219	(109,176)
Cash flows from investing activities	77,961	(15,219)	62,742

	2021	2021	2021
In thousands of USD	As previously reported	Effect of adjustment— disposal of cryptocurrencies	As restated
Cash flows from operating activities	454,656	(507,122)	(52,466)
Cash flows from investing activities	(112,553)	507,122	394,569

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on net earnings and financial position.

Basis of accounting

b.	Basis of accounting

The consolidated financial statements, except for the consolidated statements of cash flows, are prepared on the accrual basis. The measurement basis used is historical cost, except for certain accounts which are measured using the basis mentioned in the relevant notes herein.

The consolidated statements of cash flows are prepared using the indirect method and present the changes in cash from operating, investing, and financing activities.

The consolidated financial statements provide comparative information in respect of the previous period.

Foreign currency translation

c.	Foreign currency translation

Functional and presentation currency

Items included in the consolidated financial statements of each of the Group’s subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (the “functional currency”). The Group presents its consolidated financial statements in United States Dollars (“USD”, “US$”, or “$”).

Transactions and balances

Foreign currency transactions during the year are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognized in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates. The transaction date is the date on which the Group initially recognizes such non-monetary assets or liabilities.

Foreign currency translation

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•	assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that balance sheet,

•	income and expenses for each consolidated statement of operations and comprehensive income / (loss) are translated at average exchange rates, and

•	all resulting exchange differences are recognized in invested capital and reserves.

Use of estimates and judgments

d.	Use of estimates and judgments

The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgments made by management in the application of IFRSs that have significant effects on the financial statements and major sources of estimation uncertainty are discussed in Note 3.

Related parties

e.	Related parties

A party is considered to be related to the Group if:

(a)	the party is a person or a close member of that person’s family and that person

i)	has control or joint control over the Group;

ii)	has significant influence over the Group; or

iii)	is a member of the key management personnel of the Group or a parent of the Group;

(b)	the party is an entity where any of the following conditions applies:

i)	the entity and the Group are members of the same Group;

ii)	one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

iii)	the entity and the Group are joint ventures of the same third party;

iv)	one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

v)	the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

vi)	the entity is controlled or jointly controlled by a person identified in (a);

vii)	a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

viii)

the entity, or any member of the Group of which it is a part, provides key management personnel services to the Group or the parent of the Group.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated.

Cash, cash equivalents and restricted cash

f.	Cash, cash equivalents and restricted cash

Cash and cash equivalents comprise cash in banks and on hand and short-term, highly liquid investments that are readily convertible into known amounts of cash which are subject to an insignificant risk of changes in value and are within three months of maturity at acquisition. Cash and cash equivalents are assessed for expected credit losses. See further discussion regarding expected credit loss in Note 2(u).

The Group is required to hold a defined amount of cash as security under the terms of standby letters of credits arrangement. See further discussion in Note 6.

Trade receivables

g.	Trade receivables

Trade receivables are recognized when the Group has an unconditional right to receive consideration. A right to receive consideration is unconditional if only the passage of time is required before payment of that consideration is due. Trade receivables are stated at amortized cost, less a loss allowance based on lifetime expected credit losses at each reporting date. See further discussion regarding expected credit loss in Note 2(u).

Cryptocurrencies

h.	Cryptocurrencies

Cryptocurrencies include USD Coin (“USDC”) and cryptocurrencies other than USDC held in the Group’s cryptocurrency wallets.

USDC

USDC is accounted for as a financial instrument as one USDC can be redeemed for one U.S.dollar on demand from the issuer. USDC, classified as a debt investment, is measured at fair value through profit or loss.

Cryptocurrencies other than USDC

Cryptocurrencies other than USDC are, by their nature, identifiable non-monetary assets that lack physical substance. Future economic benefits attributable to these cryptocurrencies are expected to flow to the Group because these cryptocurrencies can be exchanged for fiat currencies. Furthermore, the cost of the Group’s cryptocurrencies other than USDC can be measured using the quoted price of such cryptocurrencies at the time the fair value is being measured.

The Group accounts for the cryptocurrencies other than USDC as intangible assets with indefinite useful lives in its consolidated statements of financial position because, at the time of assessment, there is no foreseeable limit to the period over which such assets are expected to generate cash flows.

The Group further adopts the cost model to account for cryptocurrencies other than USDC and reviews their useful life and impairment at each reporting date in accordance with IAS 38 Intangible Assets. The Group accounts for cryptocurrencies other than USDC at cost, instead of revaluing these cryptocurrencies at their fair value on each accounting reference date, because the latter model is subject to inherent and substantial volatility in the value of these cryptocurrencies from time to time. In addition, the Group believes that the cost model better reflects the Group’s business model, as the Group is not engaged in the cryptocurrency trading business.

Gains or losses arising from the disposal of cryptocurrencies other than USDC are determined as the difference between the net disposal proceeds and the carrying amount of the assets. The Group recognizes realized gains or losses on the date of the disposal using the first-in-first-out method of accounting.

Cryptocurrency lending arrangements

The Group enters into arrangements with counterparties to lend cryptocurrencies on an unsecured basis. No collateral is held for the cryptocurrencies lent. Upon lending, the Group derecognizes the cryptocurrencies lent and concurrently recognizes cryptocurrency receivables which are measured at the fair value of the cryptocurrencies lent based on their respective quoted prices initially and subsequently on the measurement date and adjusted for expected credit losses. Any differences between the carrying amount of the derecognized cryptocurrencies and the initial measurement of the cryptocurrency receivables, if applicable, and the change in fair value of the cryptocurrencies lent, are recognized in other operating income / (expenses) on the consolidated statements of operations and comprehensive income / (loss). See further discussion regarding credit losses from cryptocurrency receivables in Note 2(u). Also refer to Note 20 for more information.

Cryptocurrency-denoted wealth management products

The Group purchased two types of wealth management products during the year ended December 31, 2022.

Wealth management product type A

The Group enters into arrangements with the Matrixport Group, a related party, to purchase cryptocurrency-denoted wealth management products which represent units of interest in the underlying cryptocurrency trading account and the value of the units is based on the performance of the trading account managed by the Matrixport Group. The Group derecognizes the cryptocurrencies paid and concurrently recognizes a cryptocurrency receivable which gives rise to a variable return linked to the performance of the underlying trading account. The receivable contains an embedded derivative which is accounted for separately as an asset or liability based on the change in the fair value of the trading account. The cryptocurrency receivable is measured at the fair value of the cryptocurrencies invested based on their respective quoted prices on the measurement date and adjusted for expected credit losses. Any differences between the carrying amount of the derecognized cryptocurrencies and the initial measurement of the cryptocurrency receivables, if applicable, and the change in fair value of the cryptocurrencies invested, are recognized in other operating income / (expenses) on the consolidated statements of operations and comprehensive income / (loss).

Wealth management product type B

The Group enters into arrangements with the Matrixport Group, a related party, to purchase cryptocurrency-denoted wealth management products which represent variable-interest cryptocurrency deposit at Matrixport Group. The deposit is not protected by any deposit insurance scheme and non-secured, and the Group may lose some or all of the amount deposited in extreme market conditions. Upon withdrawal, the Group receives the same type of cryptocurrency in the same quantity in principle plus additional interest returns. The deposit can be withdrawn on demand and is generally delivered to the Group within 72 hours. The nature of the wealth management product type B is, in essence, a cryptocurrency lending arrangement. Refer to the discussion on the accounting of cryptocurrency lending arrangements above.

See further discussion regarding credit losses from cryptocurrency receivables in Note 2(u). Also refer to Note 20 for more information.

The Group presents the revenue recognized on the acceptance of cryptocurrencies, which is a non-cash item, as an adjustment to remove the non-cash item for the cash flows from operating activities and the disposals of cryptocurrencies received in revenue arrangements are presented as cash flows from investing activities in the consolidated statements of cash flows. The purchases and disposals of cryptocurrencies associated with investment or lending transactions are presented as investing activities in the consolidated statements of cash flows.

Prepaid expenses and other assets

i.	Prepaid expenses and other assets

Prepaid expenses represent prepayments made for operational purposes, such as prepaid utility fees and insurance expenses. Prepaid expenses are amortized over their future beneficial periods using the straight-line method or at a point in time upon the Group’s receipt of the underlying goods or service.

Other assets generally consisted of deposits paid to various service providers, such as lessors and electricity vendors.

Intangible assets

j.	Intangible assets

Intangible assets acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and impairment losses.

Amortization of intangible assets with finite useful lives is charged to profit or loss on a straight-line basis over the assets’ estimated useful life, which is the period over which an asset is expected to be available for use. The estimates and associated assumptions of useful life determined by the Group are based on technical or commercial obsolescence, legal or contractual limits on the use of the asset, and other relevant factors. The following intangible assets with finite useful lives are amortized from the date they are available for use and their estimated useful lives are as follows:

•

Software

3 years

Both the period and method of amortization are reviewed annually.

Intangible assets are not amortized while their useful lives are assessed to be indefinite. Any conclusion that the useful life of an intangible asset is indefinite is reviewed annually to determine whether events and circumstances continue to support the indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite is accounted for prospectively from the date of change and in accordance with the policy for amortization of intangible assets with finite lives as set out above.

Property, plant and equipment

k.	Property, plant and equipment

Property, plant and equipment are measured at cost, less accumulated depreciation and impairment losses, if any.

Property, plant and equipment are recorded at purchase cost. Direct labor and other directly attributable costs incurred to construct new assets and upgrade existing assets are capitalized. Repairs and maintenance expenditures are recognized in the consolidated statements of operations and comprehensive income / (loss) as incurred. Significant renewals and betterments are capitalized.

Property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets as follows:

•	Buildings	20 years
•	Land	Unlimited
•	Machinery	3 – 10 years
•	Electronic equipment	3 – 7 years
•	Leasehold improvements	3 years

Land acquired by the Group has an unlimited useful life and therefore is not depreciated.

The depreciation method, useful life and residual value of an asset are reviewed at least at each financial year-end and adjusted, if appropriate.

When assets are retired or otherwise disposed of, their cost and the related accumulated depreciation are derecognized from the consolidated statements of financial position and the resulting gains or losses on the disposal or sale of the assets are recognized in the consolidated statements of operations and comprehensive income / (loss).

An asset under construction is stated at cost until the construction is completed, at which time it is reclassified to the property, plant and equipment account to which it relates. During the construction period until the asset is ready for its intended use or sale, borrowing costs, which include interest expense and

foreign currency exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest expense, are capitalized in proportion to the average amount of accumulated expenditures during the period. Capitalization of borrowing costs ceases when the construction is completed, and the asset is ready for its intended use or sale.

Investment properties

l.	Investment properties

Investment properties are properties owned or leased to earn rental income or for capital appreciation. Investment properties include right-of-use assets relating to properties that meet the definition of investment properties.

Investment properties other than the ones acquired through leases are measured, under the cost model, initially at cost, including transaction costs and subsequently at cost less accumulated depreciation and impairment loss.

Investment properties acquired through leases are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made on or before the commencement date, plus initial direct costs incurred and an estimate of costs needed to restore the underlying assets, less any lease incentives received. These investment properties are subsequently measured at cost less accumulated depreciation and accumulated impairment loss and adjusted for any remeasurement of the lease liabilities.

Depreciation begins when the investment property is available for use and is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives as follows:

•	Buildings	15 years
•	Leasehold land	15 years
•	Machinery, fixtures as part of the buildings	3 – 8 years

The residual values, useful lives and depreciation method of investment properties are reviewed at least at each financial year-end and adjusted, if appropriate.

An investment property is derecognized when either it has been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the disposal or retirement of an investment property are recognized in the consolidated statement of operations and comprehensive income / (loss) in the year of disposal or retirement. A transfer to, or from, an investment property is made when, and only when, there is evidence of a change in use.

Mining machines

m.	Mining machines

Mining machines refer to the electronic equipment designed for the sole purpose of completing complex mathematical functions to verify transactions on the blockchain. Mining machines are stated at cost less accumulated depreciation and impairment losses, if any. The Group estimated the useful lives of the mining machines to be one to two years. This estimate is primarily based on the historical measures of (i) the period when each mining machine is able to deliver expected performance and (ii) the frequency of technological advancement, which leads to a new generation of mining machines. The Group also estimates the residual value of the mining machines at the expected time of disposal, taking into consideration factors such as make and model. Depreciation is recorded on a straight-line basis over the estimated useful lives. The depreciation method, useful life and residual value of the mining machines are reviewed at least at each financial year-end and adjusted, if appropriate.

The Group routinely sells used mining machines to customers. The net carrying values of the associated mining machines were reclassified as inventories when the Group identified such mining machines for sale and were recognized as cost of revenue on the consolidated statements of operations and comprehensive income / (loss) upon the sale. See Note 2(q).

When mining machines are retired, their costs and the related accumulated depreciation are derecognized from the consolidated statements of financial position and the resulting gains or losses on the disposal of the assets are recognized in the consolidated statements of operations and comprehensive income / (loss).

Leases

As a lessee

The Group accounts for leases under IFRS 16 Leases. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

At inception or on a reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease and non-lease component on the basis of their relative stand-alone prices.

At the lease commencement date, the Group recognizes a right-of-use asset and a lease liability, except for short-term leases that have a lease term of 12 months or less and leases of low-value assets which, for the Group, are primarily vehicles. When the Group enters into a lease in respect of a low-value asset, the Group decides whether to capitalize the lease on a lease-by-lease basis. The lease payments associated with those leases which are not capitalized are recognized as an expense on a systematic basis over the lease term.

Where the lease is capitalized, the lease liability is initially recognized at the present value of the lease payments payable over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, using a relevant incremental borrowing rate. After initial recognition, the lease liability is measured at amortized cost and interest expense is calculated using the effective interest method. Variable lease payments linked to the use of an underlying asset are excluded from the measurement of lease liabilities.

The right-of-use asset recognized when a lease is capitalized is initially measured at cost, which comprises the initial amount of the lease liability plus any lease payments made at or before the commencement date, and any initial direct costs incurred. The right-of-use asset is subsequently stated at cost less accumulated depreciation and impairment losses, if any. Right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the unexpired term of the lease. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment.

Provisions for the costs to restore leased assets to their original condition, as required by the terms and conditions of the lease, are recognized when the obligation is incurred, either at the commencement date or as a consequence of having used the underlying asset during a particular period of the lease, at the Group’s best estimate of the expenditure that would be required to restore the assets. Estimates are regularly reviewed and adjusted as appropriate for new circumstances.

Whenever the Group incurs an obligation for costs to restore a leased asset to the condition required by the terms and conditions of the lease, a provision is recognized and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset.

The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, or there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, or there is a change arising from the reassessment of whether the Group will be reasonably certain to exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right- of-use asset has been reduced to zero.

As a lessor

At the commencement date of the lease, leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the consolidated statement of operations and comprehensive income / (loss).

Trade payables and other payables and accruals

o.	Trade payables and other payables and accruals

Trade payables are obligations to pay for goods and/or services that have been acquired from suppliers in the ordinary course of business. Other payables and accruals primarily represent obligations to pay staff costs, surtaxes and value-added tax, and other operating service providers.

Trade payables and other payables and accruals are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Share-based payments

p.	Share-based payments

Employees (including senior executives and members of the board of directors) and certain service providers of the Company receive remuneration in the form of share-based payment transactions, whereby they render services as consideration for equity instruments (“equity-settled transactions”).

The cost of equity-settled transactions is measured by reference to the fair value at the date on which they are granted.

The cost of equity-settled transactions is recognized, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the beneficiary becomes fully entitled to the equity-settled transactions (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity-settled transactions that will ultimately vest which includes assumptions on the number of equity-settled transactions to be forfeited due to the grantees’ failing to fulfill the service condition, and forfeitures following the non-completion of performance conditions.

Revenue recognition

q.	Revenue recognition

The Group’s revenues are derived principally from the cloud hash rate arrangements, the self-mining arrangements, the cloud hosting arrangements, the sales of mining machines, the general hosting arrangements and the membership hosting arrangements.

Revenue is recognized when control over goods or services is transferred to the customer, at the amount of promised consideration to which the Group is expected to be entitled. Revenue excludes value-added tax (“VAT”) or other sales taxes and is after deduction of trade discount, if any.

Revenue is recognized applying the following five steps:

i)	Identify the contract with a customer;

ii)	Identify the performance obligations in the contract;

iii)	Determine the transaction price;

iv)	Allocate the transaction price to the performance obligations in the contract; and

v)	Recognize revenue when (or as) the Group satisfies a performance obligation.

For arrangements priced at fiat currency, the Group recognizes revenue based on the contract price. For arrangement priced at cryptocurrency, the Group recognizes revenue based on the spot price of the cryptocurrency to fiat currency on the date when it is earned.

When another party is involved in providing services to a customer, the Group is the principal if it controls the specified services before those services are transferred to the customer.

The primary sources of Group’s revenues are recognized as follows:

Cloud Hash Rate

The Group enters into Cloud Hash Rate arrangements with its customers by offering hash rate subscription plans to provide computing power in a specified quantity, measured by computing power per second, or hash rate, derived from the mining machines held by the Group, for a specified period of time. The

customer also needs to pay for electricity subscriptions, which are billed separately, to maintain the mining machines that produce the subscribed hash rate over the contract period. The Group connects such computing power to a customer-designated mining pool under the instructions of the customer to simplify the customer’s mining experiences. As a result of directing the connection of such computing power to the mining pools, the customers are entitled to the mining rewards, which are directly transferred from mining pools to the customer-designated cryptocurrency wallets.

The Group offers a number of different hash rate subscription plans by plan duration and type of cryptocurrency to be mined. The Group offers electricity subscriptions in short durations and a customer needs to purchase electricity subscriptions multiple times to cover the duration of the hash rate subscription plan. The price of the electricity subscription is fixed at the commencement of each electricity subscription period but subject to adjustment from period to period. Both cryptocurrency and fiat currency are accepted as payments under the Cloud Hash Rate arrangements. Furthermore, the hash rate subscription plans are offered under two modes. Under the classic mode, the customer receives all of the mining rewards from the mining pool. Under the accelerator mode, the customer pays a relatively lower computing power subscription fee. In exchange, the Group is entitled to additional consideration once the customer’s cost is recovered.

The Group offers two promises under the Cloud Hash Rate arrangement. One is to provide a specified quantity of computing power during a period of time and the other is to provide maintenance services for computing power generation for a period of time. The two promises are highly interrelated and are not separately identifiable because the customers expect to receive the computing power as a combined output from the hash rate subscription plan and the electricity subscription plan. The two promises provide a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer, over a period of time. As a result, the promises are treated as a single performance obligation satisfied over time.

The transaction price of the performance obligation includes the subscription prices for the hash rate subscription plans and the electricity subscription plans. As the price for the electricity subscription plans may change each electricity subscription period, the Group allocates the variable consideration to each electricity subscription period.

The control of the computing power has been transferred to the customers simultaneously as the customers consume the benefits from the computing power. The revenue is recognized over time where the consideration related to the hash rate subscription is recognized evenly over the contract term and the electricity subscription is allocated to and recognized evenly over each electricity subscription period.

For plans under the accelerator mode, besides the aforementioned subscription prices, the transaction price also includes the additional consideration once the customer’s cost is recovered. The additional consideration, which is variable, is determined as a percentage of a customer’s mining profit derived from the subscribed computing power and constrained until the mining pool operator finishes the calculation of the mining reward related to the mining activity in a given day. The Group includes such additional consideration in the transaction price and recognizes the revenue when the Group can reasonably calculate the amount and determine it is probable a significant reversal will not occur.

Self-mining

The Group enters into contracts with mining pool operators to provide computing power generated from the Group’s own mining machines to the mining pools. The contracts with mining pool operators are terminable at any time by either party. In exchange for providing computing power to the mining pool, the Group is entitled to cryptocurrency rewards from the mining pool operators, which is a variable consideration calculated based on a predetermined formula agreed by the Group and the mining pool operator as a part of the arrangement. The variable consideration is constrained until the Group can reasonably estimate the amount of mining rewards by the end of a given day based on the actual amount of computing power provided to the mining pool operators. By then, the Group considers it is highly probable that a significant reversal in the amount of revenues will not occur and includes such variable consideration in the transaction price. Providing computing power is an output of the Group’s ordinary

activities and the only performance obligation in the Group’s contracts with mining pool operators. The Group recognizes the revenue when the variable consideration is no longer constrained and the performance obligation of providing computing power has been satisfied. Although the cryptocurrency rewards the mining pool operators receive from the blockchain networks include both the block rewards and the transaction verification fees, the transaction price the Group receives is an aggregate amount and primarily includes the block rewards. As a result, the Group does not present disaggregated revenue information on block rewards and transaction verification fees.

Cloud Hosting

The Group provides its customers, through subscription of Cloud Hosting orders, one-stop mining machines hosting solution which integrates the provision of computing power generated from specified second-hand mining machines and the provision of maintenance service, primarily including electricity supply and daily maintenance and repair care. The Group charges the customer an upfront fixed amount at the commencement of the Cloud Hosting arrangement for the customer to secure the procurement of the computing power from the specified mining machines, as well as the variable fees for the provision of maintenance service based on the consumption of resources such as electricity throughout the duration of the service. The Group historically only accepts cryptocurrency as payments for services under the Cloud Hosting arrangement.

The Cloud Hosting arrangements are offered under two modes. Under the classic mode, the customer receives all of the mining rewards from the mining pool. Under the accelerator mode, the customer is charged with a lower upfront amount and enjoys a quicker recovery of the costs. In exchange, the Group is entitled to additional consideration once a customer’s cost is recovered.

Two promises are offered under the Cloud Hosting arrangements. One is to provide the computing power generated from the specified mining machines and the other is to perform maintenance services over the life of the mining machines. The two promises are not separately identifiable because the customer expects to receive a steady operation of the mining machines specified in the Cloud Hosting order, which is a combined output of the provision of computing power from the specified mining machines and the provision of maintenance service of the specified mining machines. The two promises provide a series of distinct services, which are substantially the same and have the same pattern of transfer to the customer, over a period of time. As a result, the promises are treated as a single performance obligation satisfied over time.

The transaction price of the performance obligation includes an upfront fee paid upon placement of the Cloud Hosting order and periodical maintenance fees. The periodical maintenance fee is variable in each maintenance period based on the electricity consumption. The Group allocates the variable consideration to each distinct maintenance service period.

The revenue is recognized over time where the fixed upfront fee is recognized evenly over the contract term and the periodical maintenance fee is recognized over each respective service period. The contract term approximates to the life of the specified mining machines and is estimated to be two years. The estimated life of these mining machines is reviewed at least at each financial year-end and adjusted if the expectation of the realization of economic benefits from the specified mining machines is different from the previous estimate.

For plans under the accelerator mode, besides the aforementioned fees, the transaction price also includes the additional consideration once the customer’s cost is recovered. The additional consideration, which is variable, is determined as a percentage of a customer’s mining profit derived from the computing power of the specified mining machines and constrained until the mining pool operator finishes the calculation of the mining reward related to the mining activity in a given day. The Group includes such additional consideration in the transaction price and recognizes revenues when the Group can reasonably calculate the amount and determine it is probable a significant reversal will not occur. For all the periods presented, no revenue was generated from the additional consideration from Cloud Hosting arrangements offered under the accelerator mode.

Sale of Mining Machines

The Group recognizes revenue from sales of mining machines to customers at the point in time when control of the mining machines is transferred to the customer, which generally occurs upon shipment of the mining machines as defined in the revenue contract. Sale of mining machine is the sole performance obligation in this type of arrangement. The Group accepts both cryptocurrency and fiat currency as payments for sales of mining machines.

General Hosting

The Group provides general hosting services, which is a combined service package including custody and hosting of the customers’ mining machines, electricity and network maintenance and other services, that enable customers to run blockchain computing operations. The customer is only able to benefit from the hosting service as a package and the Group has a single performance obligation. The hosting service fee is charged to the customer monthly as a single fee based on the customer’s consumption of resources, such as the amount of electricity used in a period. Revenue from the general hosting service is recognized across each service cycle. The Group accepts both cryptocurrency and fiat currency as payments for the hosting services.

Membership Hosting

The Group offers its large-scale miner customers membership hosting services by entering into a series of contracts, which includes a membership program agreement and a management services agreement. These contracts are signed with the same customer at or near the same time, and they are combined and accounted for as a single contract.

Pursuant to the membership program agreement, a customer subscribing the program is entitled to the program benefit of receiving mining machine management services, as described below, within a predetermined capacity measured by energy consumption (i.e., Kilowatts, or KW) (the “designated capacity”). The Group provides such designated capacity in a leased mining datacenter and the program subscription period starts from the time when the designated capacity is made available to the customer and ends when the Group no longer operates the mining datacenter. In addition, the Group also agrees to provide other program benefits, if available, to the customer, including, among other things, (i) early, priority and exclusive access to the newly available mining datacenter capacity that is sufficient for large-scale miners, upon a new mining datacenter becomes available and (ii) more favorable pricing terms for the Group’s services, such as mining machine management services, than the prevailing price in the local market. The Group charges an upfront fee for the program benefits subscribed.

Pursuant to the management services agreement, the Group provides management services for the customer’s mining machines up to the capacity subscribed in the membership program agreement. In exchange for the management services fee, the Group promises to deliver a package of services to provide an infrastructure for the mining machines, such as a premise for the custody of mining machines, and network and utility to support the operation of the mining machines. Unlike the general hosting service where the Group includes in its service package to host or operate the customer’s mining machines under the customer’s instructions so that the mining machines keep running and remain connected to the customer designated mining pools (the “mining machine operation service”), under the management services agreement, a customer has the discretion to subscribe to the mining machine operation service or choose to operate the mining machines using the customer’s own resource. The Group charges additional fee, at its stand-alone selling price, for the subscription of the Group’s mining machine operation service. The management services fee and the mining machine operation fee, as applicable, are charged to the customer monthly based on the customer’s consumption of resources, such as the amount of electricity used in a period.

The Group’s promise associated with the membership program agreement is to stand ready to provide services, and the Group’s promise associated with the management services agreement is to provide an infrastructure for the mining machines through the set of services provided under the management services

agreement. The two promises are not separately identifiable because the customer expects to receive mining machines management services for the mining machines up to the designated capacity, which is a combined output of the program benefit and management services provided by the Group as a package. The two promises provide a series of distinct services that have the same pattern of transfer to the customer over a period of time. As a result, the promises are treated as a single performance obligation satisfied over time. Revenue associated with the upfront fee for the program benefits is recognized over the program subscription period and revenue associated with the management services is recognized over each distinct service period. The promise to provide the mining machine operation service, if subscribed to by a customer, is accounted for as a separate performance obligation and the associated revenue is recognized over each distinct service period at their respective stand-alone selling price. The Group accepts both cryptocurrency and fiat currency as payments for the membership hosting arrangements. The contract term approximates the lease term of the mining datacenter and is estimated to be 13 years. The estimated lease term is adjusted when there is an indication that the Group is reasonably certain to renew or terminate the lease.

Details of revenues for each category are as follows:

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Self-mining	88,493	191,693	62,359
Cloud hash rate
Hash rate subscription	31,389	53,952	77,862
Electricity subscription	45,242	35,113	39,525
Additional consideration from Cloud Hash Rate arrangements under acceleration mode	1,657	35,140	3,954
Sales of mining machines	15,844	45,693	705
Cloud hosting arrangements⁽²⁾	2,929	7,568	12,723
General hosting	—	18,312	99,251
Membership hosting	—	—	26,056
Others⁽¹⁾	833	7,190	10,907
Total revenues	186,387	394,661	333,342

(1)	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, and the sale of mining machine peripherals.

(2)	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2020, 2021 and 2022.

For the years ended December 31, 2020, 2021 and 2022, the revenue generated from Bitmain under the brand of AntPool representing 24.44%, 0.72% and 0.24% of total revenue respectively; the revenue generated from BTC representing 22.81%, 44.68% and 14.94% of total revenue respectively; and the revenue generated from one customer representing nil, 1.53% and 20.07% of total revenue respectively. The Group did not have any other customer that accounts for 10% or more of total revenue in the years ended December 31, 2020, 2021 and 2022.

Contract assets and liabilities

A contract asset is recognized when the Group recognizes revenue before being unconditionally entitled to the consideration under the payment terms set out in the contract. Contract assets are assessed for expected credit losses and are reclassified to receivables when the right to the consideration has become unconditional. As of December 31, 2021 and 2022, the Group did not have any contract assets.

A contract liability is recognized when the customer pays consideration for goods or services before the Group recognizes the related revenue. A contract liability would also be recognized if the Group has an

unconditional right to receive non-refundable consideration before the Group recognizes the related revenue. In such cases, a corresponding receivable would also be recognized. As of December 31, 2021 and 2022, the Group had contract liabilities, presented as deferred revenue on the consolidated statements of financial position, of approximately US$213.4 million and US$182.3 million. Approximately US$10.3 million, US$11.1 million and US$102.3 million, included in the deferred revenue balance at January 1, 2020, 2021 and 2022, respectively, was recognized as revenue during the years ended December 31, 2020, 2021 and 2022.

Cost of revenue

r.	Cost of revenue

Cost of revenue consists primarily of electricity expenses incurred for operating the Group’s mining machines in its revenue-generating activities, depreciation expense from the mining machines and datacenters hosting those mining machines, costs of mining machines sold to customers, and compensation expenses incurred by mining datacenter personnel.

Taxes

Income tax

Current and deferred income taxes are recognized as income or expense and included in the consolidated statements of operations and comprehensive income / (loss), except to the extent that the income tax relates to items recognized in comprehensive income / (loss) or directly in equity, in which case the relevant amounts of tax are recognized in comprehensive income / (loss) or directly in equity, respectively.

Current income tax assets and liabilities are measured at the amounts expected to be recovered or paid by using the tax rates and tax laws that have been enacted or substantively enacted at each reporting date. Management periodically evaluates positions taken in the tax reporting process with respect to situations in which applicable tax regulation is subject to interpretation. Where appropriate, management establishes provisions based on the amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

Apart from the temporary differences arising from goodwill not deductible for tax purposes, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilized, are recognized. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates and tax laws at each reporting date which are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced if it is no longer probable that sufficient taxable profit will be available to compensate part or all of the benefits of deferred tax assets. Unrecognized deferred tax assets are re-assessed at each reporting date and recognized if it is probable that future taxable profits will be available for recovery. Tax deductions arising from the reversal of deferred tax assets are excluded from estimates of future taxable income.

Deferred taxes on transactions which are recognized outside profit or loss are recognized outside profit or loss. Therefore, deferred taxes on these transactions are recognized either in comprehensive income / (loss) or recognized directly in equity.

Deferred tax assets and liabilities are offset in the consolidated statements of financial position, if and only if it has a legally enforceable right to set off current tax assets and liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same Tax Authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.

Uncertainty over income tax treatments

The Group determines the recognition and measurement of tax assets and liabilities that contain uncertainty over income tax by considering the assumptions used in the examination of tax treatments by the tax authorities, the probability that the tax authorities will accept uncertain tax treatment and re-consideration or estimation if there is a change in facts and circumstances.

If the acceptance of tax treatment is probable, the measurement is in line with income tax fillings. If the acceptance of tax treatment is not probable, the Group uses tax amounts using the method that provides a better prediction of resolution (i.e., most likely amount or expected value). Due to the complexity of some of these uncertainties, their ultimate resolution may result in payments that are materially different from current estimates. Any such differences will be reflected as adjustments to income tax expenses in the periods in which they are determined.

Financial instruments

t.	Financial instruments

Financial assets

The Group classifies its financial assets in the following measurement categories:

•	those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

•	those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual cash flow characteristics.

Purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the assets. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or the Group has transferred substantially all the risks and rewards of ownership of the assets.

At initial recognition, the Group measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

Debt instruments

Initial recognition and subsequent measurement of debt instruments depend on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset, and the Group reclassifies debt investments only when its business model for managing those assets changes. There are three categories into which the Group classifies its debt instruments:

•

Amortized cost: Financial assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are classified as and measured at amortized cost. A gain or loss on a debt investment measured at amortized cost which is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is recognized using the effective interest rate method.

•

Fair value through other comprehensive income: Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are classified as and measured at fair value through other comprehensive income. Movements in the carrying amount of these financial assets are taken through other comprehensive income, except for the recognition of impairment losses or reversals, interest income and foreign exchange gains and losses which are recognized in profit or loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to profit or loss. Interest income from these financial assets is recognized using the effective interest rate method.

•

Fair value through profit or loss: Financial assets that do not meet the criteria for amortized cost or fair value through other comprehensive income are classified as and measured at fair value through profit or loss. A gain or loss on a debt investment measured at fair value through profit or loss which is not part of a hedging relationship is recognized in profit or loss for the period in which it arises.

Equity instruments

The Group subsequently measures all equity investments at fair value through profit or loss or other comprehensive income. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Dividends from such investments continue to be recognized in profit or loss when the Group’s right to receive payments is established.

•	Changes in the fair value of financial assets at fair value through profit or loss are recognized in profit or loss as applicable.

Financial liabilities

The Group’s financial liabilities are classified and measured at amortized cost using the effective interest method.

Financial liabilities are derecognized when, and only when, the Group’s obligations are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.

Financial assets and financial liabilities are offset, and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Convertible debt

As disclosed in Note 14, in 2021, the Group issued a convertible debt that can be converted into ordinary shares of the Group at the option of the holder. The number of shares to be issued is fixed and does not vary with changes in fair value. The Group accounts for the components of this compound financial instrument separately as a financial liability and an equity instrument. The liability component of the convertible debt is initially recognized at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognized at the difference between the fair value of the convertible debt as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of the convertible debt is measured at amortized cost using the effective interest method. The equity component is not remeasured.

Interest related to financial liabilities is recognized in profit or loss. Upon conversion, the financial liability is reclassified to equity and no gain or loss will be recognized.

Credit losses and impairment of assets

u.	Credit losses and impairment of assets

(i)	Credit losses from financial instruments at amortized cost

The Group recognizes a loss allowance for expected credit losses (“ECL”) on financial assets, such as cash and cash equivalents, restricted cash and trade receivable, which are measured at amortized cost;

Measurement of ECLs

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all expected cash shortfalls (i.e., the difference between the cash flows due to the Group in accordance with the contract and the cash flows that the Group expects to receive). The expected cash shortfalls are discounted using the following discount rates where the effect of discounting is material:

•	fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

•	variable-rate financial assets: current effective interest rate.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

In measuring ECLs, the Group takes into account reasonable and supportable information that is available without undue cost or effort. This includes information about past events, current conditions and forecasts of future economic conditions.

ECLs are measured on either of the following bases:

•	12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

•	lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs. ECL on this type of financial asset is estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors and an assessment of both the current and forecast general economic conditions at the reporting date.

For all other financial instruments, the Group recognizes a loss allowance equal to 12-month ECLs unless there has been a significant increase in the credit risk of the financial instrument since initial recognition, in which case the loss allowance is measured at an amount equal to lifetime ECLs.

Significant increases in credit risk

In assessing whether the credit risk of a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument assessed at the reporting date with that assessed at the date of initial recognition. In making this reassessment, the Group considers that a default event occurs when the borrower is unlikely to pay its credit obligations to the Group in full and without recourse. The Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

•	failure to make payments of principal or interest on their contractually due dates;

•	an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

•	an actual or expected significant deterioration in the operating results of the debtor; and

•	existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor‘s ability to meet its obligation to the Group.

Depending on the nature of the financial instruments, the assessment of a significant increase in credit risk is performed on either an individual basis or a collective basis. When the assessment is performed on a collective basis, the financial instruments are grouped based on shared credit risk characteristics, such as past-due status and credit risk ratings.

ECLs are remeasured at each reporting date to reflect changes in the financial instrument’s credit risk since initial recognition. Any change in the ECL amount is recognized as an impairment gain or loss in profit or loss.

The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

Impairment and write-off policy

At each reporting date, the Group assesses whether a financial asset is credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable events:

•	significant financial difficulties of the debtor;

•	a breach of contract, such as a default or delinquency in interest or principal payments;

•	is becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

•	significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

•	the disappearance of an active market for a security because of financial difficulties of the issuer.

The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

(ii)	Credit losses from cryptocurrency receivables

The Group recognizes an allowance for cryptocurrency receivables using the general expected credit losses model in manner a similar to the model and consideration used for assessing credit losses from financial instruments discussed above. Under this model, the Group calculates the allowance for credit losses by considering on a discounted basis, all expected shortfalls which are the difference between the quantity of cryptocurrency due to the Group in accordance with the contract and the quantity of cryptocurrency that the Group expects to receive, in various default scenarios for prescribed future periods and multiplying the shortfalls by the probability of each scenario occurring. The allowance on the financial asset is the sum of these probability-weighted outcomes.

The Group considers both internal and external, and quantitative and qualitative factors when estimating ECL for cryptocurrency receivables such as the creditworthiness of the counterparty, the result of the historical transactions with the counterparty, the business practice of the counterparty, regulatory development relating to the industry, liquidity of the underlying cryptocurrency, and the trend of the general economy.

The Group recognizes an impairment gain or loss for expected credit losses from cryptocurrency receivables with a corresponding adjustment to their carrying amount through a loss allowance account. Subsequent recoveries of cryptocurrency receivables previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

As of December 31, 2021 and 2022, the balance of cryptocurrency receivables was nil and no cryptocurrency receivable was past due. No allowance, write-offs or recoveries were recognized against the cryptocurrency receivables for the years ended December 31, 2020, 2021 and 2022.

(iii)

Impairment of other assets

Internal and external sources of information are reviewed at the end of each reporting period to identify indications that the following assets may be impaired or, an impairment loss previously recognized no longer exists or may have decreased:

•	property, plant and equipment;

•	lease right-of-use assets;

•	investment properties;

•	intangible assets; and

•	cryptocurrencies other than USDC.

If any such indication exists, the asset’s recoverable amount is estimated. In addition, for cryptocurrencies other than USDC, the recoverable amount is estimated at each reporting date whether or not there is any indication of impairment.

•	Calculation of recoverable amount

The recoverable amount of an asset is the greater of its fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e., a cash-generating unit).

The recoverable amount of cryptocurrencies other than USDC is based on the fair value less costs of disposal. The fair value of these cryptocurrencies is measured using the quoted price of these cryptocurrencies at the time the fair value is being measured.

•	Recognition of impairment losses

An impairment loss is recognized in profit or loss if the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill (if any) allocated to the cash-generating unit (or group of units) and then, to reduce the carrying amount of the other assets in the unit (or group of units) on a pro-rata basis, except that the carrying value of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable).

•	Reversals of impairment losses

An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount.

A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized.

Provisions

v.	Provisions

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The timing or

amount of the outflow may still be uncertain. Provisions are measured using the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account risks and uncertainties associated with the obligation. Provisions are discounted where the time value of money is considered material.

Segment information

w.	Segment information

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performances.

An operating segment is a component of an entity:

•	that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to the transactions with other components of the same entity);

•	whose operating results are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess its performance; and

•	for which discrete financial information is available.

The chief operating decision maker makes resource allocation decisions based on internal management functions and assesses the Group’s business performance as one integrated business instead of by separate business lines or geographical regions. Accordingly, the Group has only one operating segment and therefore, no segment information is presented.

Disaggregated revenue data by geographical region in terms of the customer’s location within the operating segment is as follows:

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Singapore	90,808	79,537	27,591
Asia, excluding Singapore	57,146	211,805	136,901
North America	24,063	75,559	141,174
Europe	7,755	15,487	19,075
Others	6,615	12,273	8,601
Total	186,387	394,661	333,342

Selected assets of mining machines, property, plant and equipment, investment properties, right-of-use assets and intangible assets by geographical region within the operating segment is as follows:

	At December 31,
	2021	2022
Singapore	7,481	46,306
North America	181,864	170,439
Europe	18,797	45,540
Total	208,142	262,285

Earnings per share

x.	Earnings per share

Basic earnings per share is computed by dividing the income attributable to equity shareholders of the Group by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share is computed by dividing the income attributable to equity shareholders of the Group by the weighted average number of ordinary shares outstanding during the period, after adjusting for the effects of the dilutive potential ordinary shares.

When calculating basic loss per share for the years ended December 31, 2020, the denominator for the period prior to the Reorganization included the number of shares issued in the Reorganization, as if the Reorganization occurred prior to or as of January 1, 2020.

Asset acquisition

y.	Asset acquisition

Asset acquisitions are acquisitions that do not qualify as business combinations under IFRS 3. IFRS 3 allows the use of an optional concentration test to determine if an acquisition is a business combination or an asset acquisition. Under the optional concentration test, if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the test is met, and the integrated asset of assets and activities acquired is not a business.

Assets acquired in an asset acquisition are initially recognized, at the date of acquisition, at cost. Costs directly attributable to the acquisition of such assets are included in the initial carrying amount.

Initial application of new or amended standards during the reporting periods

z.	Initial application of new or amended standards during the reporting periods

As from January 1, 2022, the Group adopted the following recently issued or amended standards. These new standards are not expected to have any significant impact on the Group’s financial statements:

Standard/Interpretation	Application Date of Standard	Application Date for the Group
Amendments to IFRS 1, Subsidiary as a First-time Adopter	January 1, 2022	January 1, 2022
Amendments to IFRS 9, Derecognition of Financial Liabilities	January 1, 2022	January 1, 2022
Amendments to IFRS 3, Reference to the Conceptual Framework	January 1, 2022	January 1, 2022
Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use	January 1, 2022	January 1, 2022
Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract	January 1, 2022	January 1, 2022

New standards and interpretations not yet adopted

aa.	New standards and interpretations not yet adopted

Up to the date of issue of these financial statements, the IASB has issued a number of amendments and a new standard, IFRS 17, Insurance contracts, which are not yet effective for the year ended December 31, 2022 and which have not been adopted in these financial statements.

Standard/Interpretation			Application Date for the Group
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges			January 1, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach			January 1, 2023
Amendments to IAS 1, Making Materiality Judgement			January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies			January 1, 2023
Amendments to IAS 8, Definition of Accounting Estimates			January 1, 2023
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction			January 1, 2023
Initial Application of IFRS 17 and IFRS 9—Comparative Information			January 1, 2023
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies			January 1, 2024
Amendments to IAS 1, Classification of Debt with Covenants			January 1, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee			January 1, 2024

The Group is in the process of making an assessment of what the impact of these new and amended standards and interpretations would be in the period of initial application. So far, the Group has concluded that the adoption of these standards and interpretations is unlikely to have a significant impact on the Group’s financial position.

CRYPTOCURRENCIES

12 Months Ended

Dec. 31, 2022

CRYPTOCURRENCIES.

CRYPTOCURRENCIES

7.	CRYPTOCURRENCIES

As of December 31, 2021 and 2022, the Group’s cryptocurrencies consist of the following:

	At December 31,
In thousands of USD	2021	2022
Cryptocurrencies other than USDC	6,088	2,086
USDC	99	89
Total cryptocurrencies	6,187	2,175

The details of cryptocurrencies are as follows:

	At December 31,
In thousands of USD	2020	2021	2022
Cost:
Beginning balances	1,194	9,656	6,697
Additions	172,530	655,028	865,333
Cryptocurrencies received on behalf of related parties⁽¹⁾	6,312	—	—
Cryptocurrencies paid on behalf of related parties⁽¹⁾	—	(24,852)	—
Disposals	(170,380)	(562,894)	(569,854)
Loan to a third party⁽²⁾	—	(10,222)	—
Purchase of cryptocurrency-denoted wealth management product from a related party⁽⁴⁾	—	(30,004)	(149,972)
Loan to a related party⁽³⁾	—	(30,015)	(150,025)
Ending balances	9,656	6,697	2,179
Impairment:
Beginning balances	(107)	(74)	(510)
Additions	—	(436)	—
Disposals	33	—	506
Ending balances	(74)	(510)	(4)
Net book value:
Beginning balances	1,087	9,582	6,187
Ending balances	9,582	6,187	2,175

The supplemental information of cryptocurrencies other than USDC is as follows:

	At December 31,
In thousands of USD	2020	2021	2022
Cost:
Beginning balances	1,194	9,601	6,598
Additions	172,475	575,730	586,117
Cryptocurrencies other than USDC received on behalf of related parties⁽¹⁾	6,312	—	—
Cryptocurrencies other than USDC paid on behalf of related parties⁽¹⁾	—	(24,852)	—
Disposals	(170,380)	(513,655)	(425,649)
Loan to a third party⁽²⁾	—	(10,222)	—
Purchase of cryptocurrency-denoted wealth management product from a related party⁽⁴⁾	—	(30,004)	(149,972)
Loan to a related party⁽³⁾	—	—	(15,004)
Ending balances	9,601	6,598	2,090
Impairment:
Beginning balances	(107)	(74)	(510)
Additions	—	(436)	—
Disposals	33	—	506
Ending balances	(74)	(510)	(4)
Net book value:
Beginning balances	1,087	9,527	6,088
Ending balances	9,527	6,088	2,086

(1)

Cryptocurrencies or cryptocurrencies other than USDC received and paid on behalf of related parties represent the net effect of cryptocurrency or cryptocurrencies other than USDC transferred through the wallets held by the Group relating to transactions arising from Bitmain and BTC’s businesses during the Carve-out Period.

(2)	Represent an unsecured, interest-free cryptocurrency loan the Group made to a third party. The lending was collected in full as of December 31, 2021. The Group recorded approximately US$3,735,000 loss on change in fair value of cryptocurrencies lent for the year ended December 31, 2021.

(3)	Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of December 31, 2021 and 2022 and the collections are included in the additions of cryptocurrencies above. Also see Note 20.

(4)	Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of December 31, 2021 and 2022 and the redemptions are included in the additions of cryptocurrencies above. Also see Note 20.

The management’s estimates of impairment provision of cryptocurrencies other than USDC are made based on the current market prices of cryptocurrencies as of each balance sheet date. Fluctuations in the market price of cryptocurrencies after the balance sheet date are not considered in determining the provision for impairment of cryptocurrencies other than USDC.

RELATED PARTY TRANSACTIONS - Balances and transactions with Bitmain and BTC (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

Trade receivables

$ 413

$ 75

Loans to a related party(1)

^[1]

1,087

322

Total due from related party

1,500

397

Other payables

316

Total due to related party

$ 316

Revenue from Bitmain and BTC(3)

^[2]

$ 73,522

$ 88,054

[1]	Loans to a related party represent unsecured, interest-free loans made to the related party. These loans are due on demand.
[2]	Revenue from Bitmain and BTC arise from the Group’s normal course of business, See Note 2.

PREPAYMENTS AND OTHER ASSETS

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER ASSETS

PREPAYMENTS AND OTHER ASSETS

8.	PREPAYMENTS AND OTHER ASSETS

The breakdown of prepayments and other assets is as follows:

	At December 31,
In thousands of USD	2021	2022
Prepayments to suppliers	14,450	9,664
Deposits	6,669	26,577
Deductible input value-added tax	760	757
Prepayments of income tax	—	18,459
Receivable from a third party⁽²⁾	—	2,546
Receivable from the disposed subsidiaries⁽¹⁾	10,203	—
Others	2,555	1,573
Total	34,637	59,576

(1)	Represent balance due from two subsidiaries which the Group disposed of in December 2021. The receivables have been fully collected by March 2022.

(2)

Represent balance due from Blue Safari Acquisition Corp. (“BSGA”), a special purpose acquisition company who has signed a merger agreement with the Group. Associated with the anticipated merger, the Group agreed to lend BSGA an aggregate principal amount of US$1.99 million in two tranches and additional US$2.58 million in four tranches to fund any and all amounts required to extend the period of time BSGA has to complete the merger for up to two times for an additional three month period each time. The lending bears no interest and is repayable only at the closing of the merger by BSGA. The merger was closed in April 2023. See Note 23.

During the years ended December 31, 2020, 2021 and 2022, the Group did not recognize any allowance for expected credit losses for prepayments and other assets.

EARNINGS / (LOSS) PER SHARE (Details) shares in Millions	12 Months Ended
EARNINGS / (LOSS) PER SHARE (Details) shares in Millions	Dec. 31, 2022 shares
Options
EARNINGS / (LOSS) PER SHARE
Anti-dilutive shares	1,200
Convertible debt
EARNINGS / (LOSS) PER SHARE
Anti-dilutive shares	475

EARNINGS / (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

EARNINGS / (LOSS) PER SHARE

EARNINGS / (LOSS) PER SHARE

	Years ended December 31,
In thousands of USD, except for the per share data	2020	2021	2022
Profit / (loss) attributable to ordinary equity shareholders of the Group	(55,826)	82,643	(60,366)
Weighted average number of ordinary shares outstanding (thousand shares)	12,662,126	12,662,126	12,662,126
Basic earnings / (loss) per share (In USD)	(0.00)	0.01	(0.00)

Profit / (loss) attributable to ordinary equity shareholders of the Group	(55,826)	82,643	(60,366)
Increase in profit attributable to ordinary equity shareholders of the Group resulted from conversion of convertible debt	—	1,223	—
Profit / (loss) attributable to ordinary equity shareholders of the Group for diluted EPS	(55,826)	83,866	(60,366)

Weighted average number of ordinary shares outstanding (thousand shares)	12,662,126	12,662,126	12,662,126
Adjusted for:
- Assumed conversion of convertible debt	—	210,681	—
- Assumed exercise of share awards	—	104,370	—
Weighted average number of shares outstanding for diluted EPS (thousand shares)	12,662,126	12,977,177	12,662,126
Diluted earnings / (loss) per share (In USD)	(0.00)	0.01	(0.00)

OTHER PAYABLES AND ACCRUALS (Tables)

12 Months Ended

Dec. 31, 2022

OTHER PAYABLES AND ACCRUALS

Summary of other payables and accruals

Other payables and accruals consist of the following:

	At December 31,
In thousands of USD	2021	2022
Payables for surtaxes	8,184	8,928
Accrued operating expenses	2,108	5,539
Payables for staff-related costs	5,839	2,182
Deposit from hosting customers	—	2,911
Restoration provision for leasehold land	—	1,343
Others	1,127	1,273
Total	17,258	22,176

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Liabilities assumed in connection with acquisition of mining machines from related party	$ 7,212		$ 9,302
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	7,270	$ 47,178	1,174
Payment for purchase of mining machines in form of cryptocurrencies	4,805	11,986
Cryptocurrencies received on behalf of related parties			6,312
Cryptocurrencies paid on behalf of related parties		24,852
Lending made to a third party in form of cryptocurrencies		10,222
Collection of lending from a third party in form of cryptocurrencies		6,487
Lending made to related party in form of cryptocurrencies	150,025	30,015
Collection of lending from related party in form of cryptocurrencies	151,525	30,735
Purchase of wealth management products using cryptocurrencies	149,972	30,004
Redemption of wealth management products in form of cryptocurrencies	$ 150,268	30,724
Receivable on disposal of property, plant and equipment			850
Liabilities assumed in connection with acquisition of property, plant and equipment		$ 3,494	$ 156

LEASES (Details)	12 Months Ended
LEASES (Details)	Dec. 31, 2022
Bottom of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease term	1 year 6 months
Top of range [member]
Disclosure of quantitative information about right-of-use assets [line items]
Lease term	30 years

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details)	12 Months Ended
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Cash, cash equivalents and restricted cash [line items]
Number of standby letters of credits applied \| item	3
Short-term deposits, classified as cash equivalents	$ 37,000,000
Bottom of range [member]
Cash, cash equivalents and restricted cash [line items]
Investment interest rate	0.60%
Top of range [member]
Cash, cash equivalents and restricted cash [line items]
Investment interest rate	4.20%
Additional standby letters of credits
Cash, cash equivalents and restricted cash [line items]
Maximum borrowing capacity	$ 11,477,000	$ 10,293,000
Amount utilized by the beneficiaries from the standby letters of credits	$ 0	$ 0

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS - Reconciliation of changes in fair value measurement of assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unlisted equity instruments and debt instrument at fair value through profit or loss measured using significant unobservable inputs
Beginning balance	$ 646,974
Ending balance	651,409	$ 646,974
Level 3 \| Unlisted equity instruments and debt instrument
Unlisted equity instruments and debt instrument at fair value through profit or loss measured using significant unobservable inputs
Beginning balance	1,250
Additions	61,550	1,250
Disposals	(1,213)
Net gain on disposal of financial assets at fair value through profit or loss	213
Net fair value changes recognized in profit or loss	(841)
Ending balance	$ 60,959	$ 1,250

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS - other operating income / (expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS
Net gain / (losses) on disposal of cryptocurrencies	$ (3,131)	$ 18,725	$ 2,716
Impairment loss of cryptocurrencies		(436)
Change in fair value of cryptocurrencies lent		(3,735)
Net loss on disposal of mining machine	(497)	(36)	(2,984)
Write-off of receivables from related parties	2,000		(2,025)
Others		107	248
Total	$ (3,628)	$ 14,625	$ (2,045)

LEASES - Right of use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 60,082	$ 58,941
Addition to the right-of-use assets	7,300	47,200	$ 1,200
Asia Freeport Holdings Pte. Ltd.
Disclosure of quantitative information about right-of-use assets [line items]
Right of use assets additions	4,800
Land and buildings
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	60,082	$ 58,941
Investment property \| Land
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 5,547

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Salaries and other emoluments	$ 11,969	$ 11,627	$ 10,175
Total	$ 11,969	$ 11,627	$ 10,175

PROPERTY, PLANT AND EQUIPMENT - Property plant and equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	$ 102,617	$ 52,158
Balance at the end	138,636	102,617	$ 52,158
Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	130,538	68,527	50,330
Additions	66,742	65,446	19,414
Additions related to asset acquisition	15
Disposals	(409)	(3,435)	(1,217)
Balance at the end	196,886	130,538	68,527
Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(27,921)	(14,158)	(4,363)
Charge for the year	(30,438)	(14,434)	(10,098)
Disposals	109	671	303
Balance at the end	(58,250)	(27,921)	(14,158)
Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning		2,211
Additions			2,211
Disposals		(2,211)
Balance at the end			2,211
Construction in progress
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	33,589	1,162
Balance at the end	16,512	33,589	1,162
Construction in progress \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	33,589	3,373	12,596
Additions	54,107	59,524	18,263
Construction in progress transferred in	(71,184)	(27,097)	(27,486)
Disposals		(2,211)
Balance at the end	16,512	33,589	3,373
Construction in progress \| Impairment [Member]
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning		2,211
Additions			2,211
Disposals		(2,211)
Balance at the end			2,211
Building
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	21,061	21,275
Balance at the end	19,924	21,061	21,275
Building \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	23,449	22,563	16,209
Additions		886
Construction in progress transferred in			6,354
Balance at the end	23,449	23,449	22,563
Building \| Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(2,388)	(1,288)	(333)
Charge for the year	(1,137)	(1,100)	(955)
Balance at the end	(3,525)	(2,388)	(1,288)
Land
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	484	484
Balance at the end	484	484	484
Land \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	484	484	484
Balance at the end	484	484	484
Machinery
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	13,307	7,950
Balance at the end	26,069	13,307	7,950
Machinery \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	15,734	9,143	5,445
Additions	1,228	479	12
Construction in progress transferred in	16,132	6,133	3,858
Disposals	(222)	(21)	(172)
Balance at the end	32,872	15,734	9,143
Machinery \| Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(2,427)	(1,193)	(83)
Charge for the year	(4,392)	(1,235)	(1,115)
Disposals	16	1	5
Balance at the end	(6,803)	(2,427)	(1,193)
Electronic equipment
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	4,301	1,339
Balance at the end	8,151	4,301	1,339
Electronic equipment \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	5,335	2,042	1,070
Additions	4,681	3,228	832
Additions related to asset acquisition	1
Construction in progress transferred in	794	936	895
Disposals	(187)	(871)	(755)
Balance at the end	10,624	5,335	2,042
Electronic equipment \| Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(1,034)	(703)	(278)
Charge for the year	(1,532)	(793)	(546)
Disposals	93	462	121
Balance at the end	(2,473)	(1,034)	(703)
Leasehold improvements
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	27,314	18,508
Balance at the end	61,514	27,314	18,508
Leasehold improvements \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	48,425	28,926	13,889
Additions	2,431
Construction in progress transferred in	53,661	19,646	15,195
Disposals		(147)	(158)
Balance at the end	104,517	48,425	28,926
Leasehold improvements \| Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(21,111)	(10,418)	(3,368)
Charge for the year	(21,892)	(10,805)	(7,177)
Disposals		112	127
Balance at the end	(43,003)	(21,111)	(10,418)
Others
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	2,561	1,440
Balance at the end	5,982	2,561	1,440
Others \| Cost:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	3,522	1,996	637
Additions	4,295	1,329	307
Additions related to asset acquisition	14
Construction in progress transferred in	597	382	1,184
Disposals		(185)	(132)
Balance at the end	8,428	3,522	1,996
Others \| Accumulated depreciation:
Reconciliation of changes in property, plant and equipment [abstract]
Balance at the beginning	(961)	(556)	(301)
Charge for the year	(1,485)	(501)	(305)
Disposals		96	50
Balance at the end	$ (2,446)	$ (961)	$ (556)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a.	Basis of preparation

The consolidated historical financial statements comprise the following financial information:

•	the combined results of operations of the Bitdeer Business during the year ended December 31, 2020, and the period from January 1, 2021 to April 15, 2021 (the “Carve-out Period”), which have been prepared on a carve-out basis; and

•

Preparing combined financial statements of Bitdeer Business on a carve-out basis

The combined financial statements of the Bitdeer Business are derived from the historical accounting records of Bitmain on the following basis:

(i)

(ii)

Consolidation

Subsequent to the Carve-out Period, the Group’s financial information is prepared on a consolidated basis, for which the consolidation policies are described below.

Restatement of prior years’ financial statements

Presentation on the sale of mining machines

Cash flow presentation on the disposal of cryptocurrencies earned from revenue arrangements

Restated consolidated statements of operations and comprehensive income / (loss)

	2020	2020	2020
In thousands of USD	As previously reported	Effect of adjustment – sale of mining machines	As restated
Revenue	168,850	17,537	186,387
Cost of revenue	(192,027)	(17,537)	(209,564)

Restated consolidated statements of cash flows

	2020	2020	2020
In thousands of USD	As previously reported	Effect of adjustment— sale of mining machines	As restated
Cash flows from operating activities	(124,395)	15,219	(109,176)
Cash flows from investing activities	77,961	(15,219)	62,742

	2021	2021	2021
In thousands of USD	As previously reported	Effect of adjustment— disposal of cryptocurrencies	As restated
Cash flows from operating activities	454,656	(507,122)	(52,466)
Cash flows from investing activities	(112,553)	507,122	394,569

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on net earnings and financial position.

b.	Basis of accounting

The consolidated statements of cash flows are prepared using the indirect method and present the changes in cash from operating, investing, and financing activities.

The consolidated financial statements provide comparative information in respect of the previous period.

c.	Foreign currency translation

Functional and presentation currency

Transactions and balances

Foreign currency translation

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•	assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that balance sheet,

•	income and expenses for each consolidated statement of operations and comprehensive income / (loss) are translated at average exchange rates, and

•	all resulting exchange differences are recognized in invested capital and reserves.

d.	Use of estimates and judgments

Judgments made by management in the application of IFRSs that have significant effects on the financial statements and major sources of estimation uncertainty are discussed in Note 3.

e.	Related parties

A party is considered to be related to the Group if:

(a)	the party is a person or a close member of that person’s family and that person

i)	has control or joint control over the Group;

ii)	has significant influence over the Group; or

iii)	is a member of the key management personnel of the Group or a parent of the Group;

(b)	the party is an entity where any of the following conditions applies:

i)	the entity and the Group are members of the same Group;

ii)	one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

iii)	the entity and the Group are joint ventures of the same third party;

iv)	one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

v)	the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

vi)	the entity is controlled or jointly controlled by a person identified in (a);

vii)	a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); or

viii)

the entity, or any member of the Group of which it is a part, provides key management personnel services to the Group or the parent of the Group.

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

f.	Cash, cash equivalents and restricted cash

The Group is required to hold a defined amount of cash as security under the terms of standby letters of credits arrangement. See further discussion in Note 6.

g.	Trade receivables

h.	Cryptocurrencies

Cryptocurrencies include USD Coin (“USDC”) and cryptocurrencies other than USDC held in the Group’s cryptocurrency wallets.

USDC

Cryptocurrencies other than USDC

Cryptocurrency lending arrangements

Cryptocurrency-denoted wealth management products

The Group purchased two types of wealth management products during the year ended December 31, 2022.

Wealth management product type A

Wealth management product type B

See further discussion regarding credit losses from cryptocurrency receivables in Note 2(u). Also refer to Note 20 for more information.

i.	Prepaid expenses and other assets

Other assets generally consisted of deposits paid to various service providers, such as lessors and electricity vendors.

j.	Intangible assets

Intangible assets acquired by the Group are stated at cost less accumulated amortization (where the estimated useful life is finite) and impairment losses.

•

Software

3 years

Both the period and method of amortization are reviewed annually.

k.	Property, plant and equipment

Property, plant and equipment are measured at cost, less accumulated depreciation and impairment losses, if any.

Property, plant and equipment are depreciated using the straight-line method based on the estimated useful lives of the assets as follows:

•	Buildings	20 years
•	Land	Unlimited
•	Machinery	3 – 10 years
•	Electronic equipment	3 – 7 years
•	Leasehold improvements	3 years

Land acquired by the Group has an unlimited useful life and therefore is not depreciated.

The depreciation method, useful life and residual value of an asset are reviewed at least at each financial year-end and adjusted, if appropriate.

l.	Investment properties

Depreciation begins when the investment property is available for use and is calculated using a straight-line method to allocate the depreciable amounts over the estimated useful lives as follows:

•	Buildings	15 years
•	Leasehold land	15 years
•	Machinery, fixtures as part of the buildings	3 – 8 years

The residual values, useful lives and depreciation method of investment properties are reviewed at least at each financial year-end and adjusted, if appropriate.

m.	Mining machines

Leases

As a lessee

As a lessor

o.	Trade payables and other payables and accruals

Trade payables and other payables and accruals are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

p.	Share-based payments

The cost of equity-settled transactions is measured by reference to the fair value at the date on which they are granted.

q.	Revenue recognition

Revenue is recognized applying the following five steps:

i)	Identify the contract with a customer;

ii)	Identify the performance obligations in the contract;

iii)	Determine the transaction price;

iv)	Allocate the transaction price to the performance obligations in the contract; and

v)	Recognize revenue when (or as) the Group satisfies a performance obligation.

When another party is involved in providing services to a customer, the Group is the principal if it controls the specified services before those services are transferred to the customer.

The primary sources of Group’s revenues are recognized as follows:

Cloud Hash Rate

Self-mining

Cloud Hosting

Sale of Mining Machines

General Hosting

Membership Hosting

Details of revenues for each category are as follows:

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Self-mining	88,493	191,693	62,359
Cloud hash rate
Hash rate subscription	31,389	53,952	77,862
Electricity subscription	45,242	35,113	39,525
Additional consideration from Cloud Hash Rate arrangements under acceleration mode	1,657	35,140	3,954
Sales of mining machines	15,844	45,693	705
Cloud hosting arrangements⁽²⁾	2,929	7,568	12,723
General hosting	—	18,312	99,251
Membership hosting	—	—	26,056
Others⁽¹⁾	833	7,190	10,907
Total revenues	186,387	394,661	333,342

(1)	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, and the sale of mining machine peripherals.

(2)	The Group did not generate any revenue from the additional consideration from Cloud Hosting arrangements offered under accelerator mode for the years ended December 31, 2020, 2021 and 2022.

Contract assets and liabilities

r.	Cost of revenue

Taxes

Income tax

Deferred tax

Uncertainty over income tax treatments

t.	Financial instruments

Financial assets

The Group classifies its financial assets in the following measurement categories:

•	those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

•	those to be measured at amortized cost.

The classification depends on the Group’s business model for managing the financial assets and the contractual cash flow characteristics.

Debt instruments

•

Equity instruments

•	Changes in the fair value of financial assets at fair value through profit or loss are recognized in profit or loss as applicable.

Financial liabilities

The Group’s financial liabilities are classified and measured at amortized cost using the effective interest method.

Convertible debt

Interest related to financial liabilities is recognized in profit or loss. Upon conversion, the financial liability is reclassified to equity and no gain or loss will be recognized.

u.	Credit losses and impairment of assets

(i)	Credit losses from financial instruments at amortized cost

Measurement of ECLs

•	fixed-rate financial assets, trade and other receivables: effective interest rate determined at initial recognition or an approximation thereof;

•	variable-rate financial assets: current effective interest rate.

The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.

ECLs are measured on either of the following bases:

•	12-month ECLs: these are losses that are expected to result from possible default events within the 12 months after the reporting date; and

•	lifetime ECLs: these are losses that are expected to result from all possible default events over the expected lives of the items to which the ECL model applies.

Significant increases in credit risk

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

•	failure to make payments of principal or interest on their contractually due dates;

•	an actual or expected significant deterioration in a financial instrument’s external or internal credit rating (if available);

•	an actual or expected significant deterioration in the operating results of the debtor; and

•	existing or forecast changes in the technological, market, economic or legal environment that have a significant adverse effect on the debtor‘s ability to meet its obligation to the Group.

The Group recognizes an impairment gain or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account.

Impairment and write-off policy

Evidence that a financial asset is credit-impaired includes the following observable events:

•	significant financial difficulties of the debtor;

•	a breach of contract, such as a default or delinquency in interest or principal payments;

•	is becoming probable that the borrower will enter into bankruptcy or other financial reorganization;

•	significant changes in the technological, market, economic or legal environment that have an adverse effect on the debtor; or

•	the disappearance of an active market for a security because of financial difficulties of the issuer.

Subsequent recoveries of an asset that was previously written off are recognized as a reversal of impairment in profit or loss in the period in which the recovery occurs.

(ii)	Credit losses from cryptocurrency receivables

(iii)

Impairment of other assets

•	property, plant and equipment;

•	lease right-of-use assets;

•	investment properties;

•	intangible assets; and

•	cryptocurrencies other than USDC.

•	Calculation of recoverable amount

•	Recognition of impairment losses

•	Reversals of impairment losses

An impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount.

v.	Provisions

w.	Segment information

An operating segment is a component of an entity:

•	that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to the transactions with other components of the same entity);

•	whose operating results are reviewed regularly by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segments and assess its performance; and

•	for which discrete financial information is available.

Disaggregated revenue data by geographical region in terms of the customer’s location within the operating segment is as follows:

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Singapore	90,808	79,537	27,591
Asia, excluding Singapore	57,146	211,805	136,901
North America	24,063	75,559	141,174
Europe	7,755	15,487	19,075
Others	6,615	12,273	8,601
Total	186,387	394,661	333,342

Selected assets of mining machines, property, plant and equipment, investment properties, right-of-use assets and intangible assets by geographical region within the operating segment is as follows:

	At December 31,
	2021	2022
Singapore	7,481	46,306
North America	181,864	170,439
Europe	18,797	45,540
Total	208,142	262,285

x.	Earnings per share

Basic earnings per share is computed by dividing the income attributable to equity shareholders of the Group by the weighted average number of ordinary shares outstanding during the period.

y.	Asset acquisition

z.	Initial application of new or amended standards during the reporting periods

Standard/Interpretation	Application Date of Standard	Application Date for the Group
Amendments to IFRS 1, Subsidiary as a First-time Adopter	January 1, 2022	January 1, 2022
Amendments to IFRS 9, Derecognition of Financial Liabilities	January 1, 2022	January 1, 2022
Amendments to IFRS 3, Reference to the Conceptual Framework	January 1, 2022	January 1, 2022
Amendments to IAS 16, Property, Plant and Equipment: Proceeds before Intended Use	January 1, 2022	January 1, 2022
Amendments to IAS 37, Onerous Contracts – Cost of Fulfilling a Contract	January 1, 2022	January 1, 2022

aa.	New standards and interpretations not yet adopted

Standard/Interpretation			Application Date for the Group
IFRS 17, Insurance Contracts and Amendments to Address Concerns and Implementation Challenges			January 1, 2023
Amendments to IFRS 4, Expiry Date of the Deferral Approach			January 1, 2023
Amendments to IAS 1, Making Materiality Judgement			January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2, Disclosure of Accounting Policies			January 1, 2023
Amendments to IAS 8, Definition of Accounting Estimates			January 1, 2023
Amendments to IAS 12, Deferred Tax related to Assets and Liabilities arising from a Single Transaction			January 1, 2023
Initial Application of IFRS 17 and IFRS 9—Comparative Information			January 1, 2023
Amendments to IAS 1, Classification of Liabilities as Current or Non-current and Disclosure of Accounting Policies			January 1, 2024
Amendments to IAS 1, Classification of Debt with Covenants			January 1, 2024
Amendments to IFRS 16, Subsequent Measurement of Sale and Leaseback Transactions by a Seller-lessee			January 1, 2024

LEASES

12 Months Ended

Dec. 31, 2022

LEASES

LEASES

13.

LEASES

The Group occupies most of its office premises and certain mining datacenter under lease arrangements, which generally have an initial lease term between one and a half years to 30 years. Lease contracts are typically made for fixed periods but may have extension options. The Group accounts for lease and non-lease components separately, where the non-lease component is charged to expenses as they incur. Any extension options in these leases have not been included in the lease liabilities unless the Group is reasonably certain to exercise the extension option. In addition, periods after termination options are only included in the lease term if the lease is reasonably certain not to be terminated. The Group does not have an option to purchase these leased assets at the expiration of the lease periods.

The consolidated statements of financial position show the following amounts relating to the right-of-use assets:

Addition to the right-of-use assets for the years ended December 31, 2020, 2021 and 2022 was approximately US$1.2 million, US$47.2 million and US$7.3 million, respectively. In addition, approximately US$4.8 million right-of-use asset for the years ended December 31, 2022 was acquired as a result of the acquisition of AFH (See Note 5), the balance of the underlying right-of-use asset was included in investment properties. See Note 12.

The Group has an obligation to complete the site restoration of its leased land held by AFH in Singapore in relation to the Group’s acquisition of AFH in July 2022 (See Note 5). The provision for the site restoration is updated annually.

The following table represents the movement of the restoration provision:

In thousands of USD
Restoration provision at December 31, 2021			—
Recognition through asset acquisition			1,343
Change in provision			—
Restoration provision at December 31, 2022			1,343

The consolidated statements of financial position show the following amounts relating to the lease liabilities:

	At December 31,
In thousands of USD	2021	2022
Lease liabilities mature within 12 months	3,287	4,973
Lease liabilities mature over 12 months	59,681	65,452
Total lease liabilities*	62,968	70,425

*	Lease liabilities in amount of approximately US$4.7 million was related to the leasehold land included in the investment properties. See Note 12.

Amounts recognized in profit or loss:

	Years ended December 31,
In thousands of USD	2020	2021	2022
Depreciation expense of right-of-use assets*	3,983	4,636	5,371
Gain on lease modification	(6)	(205)	—
Interest expense*	817	1,217	2,425
Expenses relating to variable payment leases	—	610	639
Expenses relating to short-term leases	372	351	527
Total	5,166	6,609	8,962

*	Depreciation expense of right-of-use asset of approximately $0.2 million and interest expense of approximately $0.1 million was related to the leasehold land included in the investment properties. See Note 12.

The total cash outflow for leases, including the capital element of lease rentals paid and interests paid on leases for the years ended December 31, 2020, 2021 and 2022 was approximately US$5.4 million, US$5.4 million and US$6.3 million, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME / (LOSS)
Revenue	$ 333,342	$ 394,661	$ 186,387
Cost of revenue	(250,090)	(153,255)	(209,564)
Gross profit / (loss)	83,252	241,406	(23,177)
Selling expenses	(11,683)	(8,448)	(5,567)
General and administrative expenses	(93,453)	(89,735)	(20,268)
Research and development expenses	(35,430)	(29,501)	(9,790)
Other operating income / (expenses)	(3,628)	14,625	(2,045)
Other net gain / (loss)	357	2,483	(2,560)
Profit / (loss) from operations	(60,585)	130,830	(63,407)
Finance income / (expenses)	(4,181)	59	(380)
Profit / (loss) before taxation	(64,766)	130,889	(63,787)
Income tax benefit / (expenses)	4,400	(48,246)	7,961
Profit / (loss) for the year	(60,366)	82,643	(55,826)
Profit / (loss) for the year	(60,366)	82,643	(55,826)
Exchange differences on translation of financial statements	(22)	(195)	905
Other comprehensive income / (loss) for the year, net of tax	(22)	(195)	905
Total comprehensive income / (loss) for the year	$ (60,388)	$ 82,448	$ (54,921)
Earnings / (loss) per share
Basic earnings / (loss) per share	$ 0	$ 0.01	$ 0
Diluted earnings / (loss) per share	$ 0	$ 0.01	$ 0
Weighted average number of shares outstanding (thousand shares)
Weighted average number of ordinary shares outstanding	12,662,126	12,662,126	12,662,126
Diluted	12,662,126	12,977,177	12,662,126

CRYPTOCURRENCIES (Tables)

12 Months Ended

Dec. 31, 2022

Cryptocurrencies [Line Items]

Summary of cryptocurrencies

The details of cryptocurrencies are as follows:

	At December 31,
In thousands of USD	2020	2021	2022
Cost:
Beginning balances	1,194	9,656	6,697
Additions	172,530	655,028	865,333
Cryptocurrencies received on behalf of related parties⁽¹⁾	6,312	—	—
Cryptocurrencies paid on behalf of related parties⁽¹⁾	—	(24,852)	—
Disposals	(170,380)	(562,894)	(569,854)
Loan to a third party⁽²⁾	—	(10,222)	—
Purchase of cryptocurrency-denoted wealth management product from a related party⁽⁴⁾	—	(30,004)	(149,972)
Loan to a related party⁽³⁾	—	(30,015)	(150,025)
Ending balances	9,656	6,697	2,179
Impairment:
Beginning balances	(107)	(74)	(510)
Additions	—	(436)	—
Disposals	33	—	506
Ending balances	(74)	(510)	(4)
Net book value:
Beginning balances	1,087	9,582	6,187
Ending balances	9,582	6,187	2,175

Schedule of detailed information about cryptocurrencies

As of December 31, 2021 and 2022, the Group’s cryptocurrencies consist of the following:

	At December 31,
In thousands of USD	2021	2022
Cryptocurrencies other than USDC	6,088	2,086
USDC	99	89
Total cryptocurrencies	6,187	2,175

Cryptocurrencies other than United States Dollar Coin [Member]

Cryptocurrencies [Line Items]

Summary of cryptocurrencies

The supplemental information of cryptocurrencies other than USDC is as follows:

	At December 31,
In thousands of USD	2020	2021	2022
Cost:
Beginning balances	1,194	9,601	6,598
Additions	172,475	575,730	586,117
Cryptocurrencies other than USDC received on behalf of related parties⁽¹⁾	6,312	—	—
Cryptocurrencies other than USDC paid on behalf of related parties⁽¹⁾	—	(24,852)	—
Disposals	(170,380)	(513,655)	(425,649)
Loan to a third party⁽²⁾	—	(10,222)	—
Purchase of cryptocurrency-denoted wealth management product from a related party⁽⁴⁾	—	(30,004)	(149,972)
Loan to a related party⁽³⁾	—	—	(15,004)
Ending balances	9,601	6,598	2,090
Impairment:
Beginning balances	(107)	(74)	(510)
Additions	—	(436)	—
Disposals	33	—	506
Ending balances	(74)	(510)	(4)
Net book value:
Beginning balances	1,087	9,527	6,088
Ending balances	9,527	6,088	2,086

(1)

(2)	Represent an unsecured, interest-free cryptocurrency loan the Group made to a third party. The lending was collected in full as of December 31, 2021. The Group recorded approximately US$3,735,000 loss on change in fair value of cryptocurrencies lent for the year ended December 31, 2021.

(3)	Represent cryptocurrency loans made to the Matrixport Group, a related party. All loans were fully collected as of December 31, 2021 and 2022 and the collections are included in the additions of cryptocurrencies above. Also see Note 20.

(4)	Represent cryptocurrency-denoted wealth management products purchased from the Matrixport Group, a related party. All such wealth management products were fully redeemed as of December 31, 2021 and 2022 and the redemptions are included in the additions of cryptocurrencies above. Also see Note 20.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

20.	RELATED PARTY TRANSACTIONS

Compensation for key management and Board of Directors

	Years ended December 31,
In thousands of USD	2020	2021	2022
Salaries and other emoluments	10,175	11,627	11,969
Total	10,175	11,627	11,969

Balances and transactions with Bitmain and BTC

During the Carve-out Period, the Group and BTC were integrated into the group-wide operation directed by Bitmain before the completion of the Reorganization.

Bitmain’s business model includes a combination of stand-alone and combined business functions between Bitmain, BTC and the Group, varying by service line and country. The consolidated financial statements of the Group include allocations of certain costs between Bitmain, BTC and the Group. Such allocations are estimates, and also may not represent the cost of such services if performed on a stand-alone basis. See further description of cost allocations in Note 2.

The invested capital in the consolidated statements of financial position represents Bitmain’s historical investment in the Group, the net effect of allocations from transactions with Bitmain and BTC, and the Group’s accumulated retained earnings.

Upon completion of the Reorganization, the Group started operating on a stand-alone basis and Bitmain and BTC no longer hold equity interest, exercise significant influence over, or act as an affiliate of the Group and its operations. As a result, Bitmain and BTC ceased to be related parties to the Group.

The activities between the Group and Bitmain and BTC before the completion date of the Reorganization were presented as related party transactions in the consolidated statements of operations and comprehensive income / (loss), cash flows and changes in invested capital and equity for all periods presented.

A reconciliation of deemed distribution to related parties to the corresponding amounts presented in the consolidated statement of cash flows for all periods presented is as follows:

	Years ended December 31,
In thousands of USD	2020	2021	2022
Deemed distribution to related parties per consolidated statements of changes in invested capital and equity	(157,557)	(29,311)	—
Corporate allocations	(1,709)	(2,167)	—
Net effect of attribution of the assets and liabilities from Bitmain’s business transferred to the Group during the Reorganization	(235,506)	20,535	—
Total deemed distribution to related parties per consolidated statements of cash flows	(394,772)	(10,943)	—

Balances and transactions with Bitmain and BTC

As of December 31, 2021 and 2022, balances with Bitmain and BTC are nil.

Transactions with Bitmain and BTC before the completion date of the Reorganization were disclosed as below:

	Years ended December 31,
In thousands of USD	2020	2021	2022
Revenue from Bitmain and BTC⁽¹⁾	88,054	73,522	—

(1)	Revenue from Bitmain and BTC arise from the Group’s normal course of business, See Note 2.

Other related party balances and transactions

The following set forth other significant related parties and their relationships with the Group:

Name of related parties			Relationship with the Group
Matrix Finance and Technologies Holding Group and its subsidiaries (“Matrixport Group”)			The Group’s controlling person is the co-founder and chairman of the board of directors of Matrixport Group and has significant influence over Matrixport Group.

Details of due from related party are as follows:

	At December 31,
In thousands of USD	2021	2022
Due from related party
- Trade receivables	413	75
- Loans to a related party⁽¹⁾	1,087	322
Total due from related party	1,500	397

Due to related party
- Other payables⁽²⁾	19	316
Total due to related party	19	316

(1)	Loans to a related party represent unsecured, interest-free loans made to the related party. These loans are due on demand.

(2)	Other payables represent the accrued service expense related to the custody and other services provided by the related party.

Details of transactions with the related party are as follows:

	Years ended December 31,
In thousands of USD	2020	2021	2022
- Provide service to a related party	—	530	3,076
- Receive service from a related party	—	294	425
- Interest earned from a related party	—	1,552	1,499
- Return of wealth management products from a related party	—	737	283
- Changes in fair value of financial assets at fair value through profit or loss	—	—	(952)

During the years ended December 31, 2020, 2021 and 2022, substantially all of the Group’s cryptocurrencies were held in custody by Matrixport Group, and the Group’s disposal of cryptocurrencies, at spot price on the date of disposal, was primarily to Matrixport Group.

In February 2021, the Group signed a loan agreement with Matrixport Group, pursuant to which the Group agreed to grant a revolving line of credit with a maximum amount of US$20 million charged with an annual interest of 12.5% by the Group, each tranche of credit utilized shall be repaid within 60 days. The credit line has expired, and the loan has been fully repaid in June 2021. The Group received an interest of approximately US$0.8 million associated with the loan.

In July 2022, the Group signed an agreement with Matrixport Group, which is the general partner of a limited partnership set up by the Matrixport Group, to subscribe a limited partner interest in the limited partnership and the capital commitment is amounting to US$20 million. The Group does not have control over the limited partnership. As of December 31, 2022, the capital contribution made by the Group to the limited partnership is US $17 million. The Group recorded approximately US$952,000 loss on change in fair value of financial assets at fair value through profit or loss for the year ended December 31, 2022.

During the years ended December 31, 2021 and 2022, the Group made non-secured lending to, and purchased non-principal guaranteed wealth management products from Matrixport Group in cryptocurrencies. The summary of transactions is as follows:

Type of

cryptocurrency

Amount in

thousands of

cryptocurrencies

Date of

purchase/

lending

Date of

redemption/

collection

Effective annual

yield of return/

interest rate

Loan

USDC

30,000

September 8, 2021

December 27, 2021

8.25%

Wealth management product - type A

USDT

30,000

October 20, 2021

December 28, 2021

13.00%

Wealth management product - type A

USDT

80,000

January 14, 2022

March 27, 2022

1.00%

Loan

USDT

15,000

April 1, 2022

June 28, 2022

5.83%

Loan

USDC

5,000

April 1, 2022

June 28, 2022

7.00%

Wealth management product - type A

USDT

10,000

April 15, 2022

June 17, 2022

3.06%

Loan

USDC

30,000

May 12, 2022

May 19, 2022

15.00%

Wealth management product - type B

USDT

10,000

June 17, 2022

June 28, 2022

5.70%

Wealth management product - type B

USDT

50,000

June 20, 2022

June 28, 2022

5.92%

Loan

USDC

80,000

July 1, 2022

September 28, 2022

4.13%

Loan

USDC

20,000

October 11, 2022

December 28, 2022

3.50%

As of December 31, 2021 and 2022, the balances of cryptocurrency receivables and embedded derivative were both nil. The change in fair value of the cryptocurrencies lent or invested, and the embedded derivative relating to the wealth management product type A are immaterial as the arrangements are short term in nature and the quoted prices of USDT and USDC are relatively stable.

To facilitate the lending and wealth management products purchases, the Group purchased the aforementioned cryptocurrencies using approximately nil and US$286 million for the years ended December 31, 2021 and 2022, respectively. The total receipts from the collection of lending and redemption of wealth management products were disposed of by the Group for approximately US$61 million and US$302 million during the years ended December 31, 2021 and 2022, respectively.

PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

PROPERTY, PLANT AND EQUIPMENT..

PROPERTY, PLANT AND EQUIPMENT

11.	PROPERTY, PLANT AND EQUIPMENT

The details of property, plant and equipment are as follows:

In thousands of USD	Construction in progress	Building	Land	Machinery	Electronic equipment	Leasehold improvements	Others	Total
Cost:
At January 1, 2020	12,596	16,209	484	5,445	1,070	13,889	637	50,330
Additions	18,263	—	—	12	832	—	307	19,414
Construction in progress
transferred in	(27,486)	6,354	—	3,858	895	15,195	1,184	—
Disposals	—	—	—	(172)	(755)	(158)	(132)	(1,217)
At December 31, 2020	3,373	22,563	484	9,143	2,042	28,926	1,996	68,527
Accumulated depreciation:
At January 1, 2020	—	(333)	—	(83)	(278)	(3,368)	(301)	(4,363)
Charge for the year	—	(955)	—	(1,115)	(546)	(7,177)	(305)	(10,098)
Disposals	—	—	—	5	121	127	50	303
At December 31, 2020	—	(1,288)	—	(1,193)	(703)	(10,418)	(556)	(14,158)
Impairment:
At January 1, 2020	—	—	—	—	—	—	—	—
Additions	(2,211)	—	—	—	—	—	—	(2,211)
At December 31, 2020	(2,211)	—	—	—	—	—	—	(2,211)
Net book value:
At December 31, 2020	1,162	21,275	484	7,950	1,339	18,508	1,440	52,158

In thousands of USD	Construction in progress	Building	Land	Machinery	Electronic equipment	Leasehold improvements	Others	Total
Cost:
At January 1, 2021	3,373	22,563	484	9,143	2,042	28,926	1,996	68,527
Additions	59,524	886	—	479	3,228	—	1,329	65,446
Construction in progress transferred in	(27,097)	—	—	6,133	936	19,646	382	—
Disposals	(2,211)	—	—	(21)	(871)	(147)	(185)	(3,435)
At December 31, 2021	33,589	23,449	484	15,734	5,335	48,425	3,522	130,538
Accumulated depreciation:
At January 1, 2021	—	(1,288)	—	(1,193)	(703)	(10,418)	(556)	(14,158)
Charge for the year	—	(1,100)	—	(1,235)	(793)	(10,805)	(501)	(14,434)
Disposals	—	—	—	1	462	112	96	671
At December 31, 2021	—	(2,388)	—	(2,427)	(1,034)	(21,111)	(961)	(27,921)
Impairment:
At January 1, 2021	(2,211)	—	—	—	—	—	—	(2,211)
Disposals	2,211	—	—	—	—	—	—	2,211
At December 31, 2021	—	—	—	—	—	—	—	—
Net book value:
At December 31, 2021	33,589	21,061	484	13,307	4,301	27,314	2,561	102,617
Cost:
At January 1, 2022	33,589	23,449	484	15,734	5,335	48,425	3,522	130,538
Additions	54,107	—	—	1,228	4,681	2,431	4,295	66,742
Additions related to asset acquisition (See Note 5)	—	—	—	—	1	—	14	15
Construction in progress transferred in	(71,184)	—	—	16,132	794	53,661	597	—
Disposals	—	—	—	(222)	(187)	—	—	(409)
At December 31, 2022	16,512	23,449	484	32,872	10,624	104,517	8,428	196,886
Accumulated depreciation:
At January 1, 2022	—	(2,388)	—	(2,427)	(1,034)	(21,111)	(961)	(27,921)
Charge for the year	—	(1,137)	—	(4,392)	(1,532)	(21,892)	(1,485)	(30,438)
Disposals	—	—	—	16	93	—	—	109
At December 31, 2022	—	(3,525)	—	(6,803)	(2,473)	(43,003)	(2,446)	(58,250)
Net book value:
At December 31, 2022	16,512	19,924	484	26,069	8,151	61,514	5,982	138,636

Construction in progress primarily represents the construction of mining datacenters.

For the year ended December 2020, and the period from January 1, 2021 to January 26, 2021, approximately US$0.3 million and US$0.02 million of depreciation expense was allocated to Bitmain and included in changes in invested capital, respectively.

INVESTMENT PROPERTIES (Details) $ in Thousands	12 Months Ended
INVESTMENT PROPERTIES (Details) $ in Thousands	Dec. 31, 2022 USD ($)
INVESTMENT PROPERTIES
Investment properties	$ 35,542
Investment property
INVESTMENT PROPERTIES
Lessor, Existence of option to extend	false
Investment properties	$ 35,542
Investment property \| At fair value
INVESTMENT PROPERTIES
Investment properties	$ 36,200
Investment property \| Minimum
INVESTMENT PROPERTIES
Lessor, operating lease term	1 year
Investment property \| Maximum
INVESTMENT PROPERTIES
Lessor, operating lease term	12 years

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables, undiscounted payments	$ 15,768	$ 17,740
Other payables and accruals, undiscounted payments	22,176	17,258
Amounts due to related party	316	19
Borrowings	29,805	29,460
Lease liabilities, undiscounted payments	88,075	80,534
Non-derivative financial liabilities, undiscounted cash flows, total	156,140	145,011
Trade payables, carrying amount	15,768	17,740
Other payables and accruals, carrying amount	22,176	17,258
Lease liabilities	70,425	62,968
Non-current derivative financial liabilities, total	138,490	127,445
Within 1 year or on demand
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Trade payables, undiscounted payments	15,768	17,740
Other payables and accruals, undiscounted payments	22,176	17,258
Amounts due to related party	316	19
Borrowings	29,805
Lease liabilities, undiscounted payments	7,471	5,489
Non-derivative financial liabilities, undiscounted cash flows, total	75,536	40,506
After 1 year but within 2 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Borrowings		29,460
Lease liabilities, undiscounted payments	6,967	5,516
Non-derivative financial liabilities, undiscounted cash flows, total	6,967	34,976
More than 2 year but less than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Lease liabilities, undiscounted payments	20,290	16,275
Non-derivative financial liabilities, undiscounted cash flows, total	20,290	16,275
More than 5 years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Lease liabilities, undiscounted payments	53,347	53,254
Non-derivative financial liabilities, undiscounted cash flows, total	$ 53,347	$ 53,254

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restated consolidated statements of cash flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash flows from operating activities	$ (268,037)	$ (52,466)	$ (109,176)
Cash flows from investing activities	$ 133,793	394,569	62,742
Previously reported
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash flows from operating activities		454,656	(124,395)
Cash flows from investing activities		(112,553)	77,961
Adjustment \| Sale of mining machines
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash flows from operating activities			15,219
Cash flows from investing activities			$ (15,219)
Adjustment \| Disposal of cryptocurrencies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash flows from operating activities		(507,122)
Cash flows from investing activities		$ 507,122

BORROWINGS (Details) - Convertible debt - USD ($)	Jul. 23, 2021	Dec. 31, 2022	Dec. 31, 2021
Bank loan borrowings [line items]
Principal amount	$ 30,000,000
Annual interest rate	8.00%
Debt conversion price (in dollars per share)	$ 0.0632
Debt Instrument recognized as equity component	$ 683,000
Unamortized discount		$ 195,000	$ 524,000

RELATED PARTY TRANSACTIONS- Additional information (Details) - USD ($)		1 Months Ended	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2021	Dec. 31, 2022	Jul. 31, 2022
RELATED PARTY TRANSACTIONS
Capital contribution made by Group to limited partnership	$ 17,000,000		$ 17,000,000
Loss on change in fair value of financial assets at fair value through profit or loss	$ 952,000		$ (952,000)
Revolving line of credit [Member]
RELATED PARTY TRANSACTIONS
Interest received		$ 800,000
Matrixport Group [Member]
RELATED PARTY TRANSACTIONS
Capital commitment				$ 20,000,000
Matrixport Group [Member] \| Revolving line of credit [Member]
RELATED PARTY TRANSACTIONS
Maximum amount		$ 20,000,000
Borrowings, interest rate		12.50%
Repayments of each tranche of credit		60 days

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - Financial assets at fair value through profit or loss - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	$ 60,959	$ 1,250
Investment A
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	1,000	1,000
Investment B
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	1,000	$ 250
Investment C
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	10,000
Investment D - investment in a limited partnership set up by Matrixport Group
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	16,348
Investment E
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	1,500
Investment in unlisted debt instrument
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Financial assets at fair value	$ 31,111

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

Summary of compensation for key management and Board of Directors

	Years ended December 31,
In thousands of USD	2020	2021	2022
Salaries and other emoluments	10,175	11,627	11,969
Total	10,175	11,627	11,969

Summary of reconciliation of deemed contributions from / (distributions to) related parties to the corresponding amounts presented in the combined statement of cash flows

	Years ended December 31,
In thousands of USD	2020	2021	2022
Deemed distribution to related parties per consolidated statements of changes in invested capital and equity	(157,557)	(29,311)	—
Corporate allocations	(1,709)	(2,167)	—
Net effect of attribution of the assets and liabilities from Bitmain’s business transferred to the Group during the Reorganization	(235,506)	20,535	—
Total deemed distribution to related parties per consolidated statements of cash flows	(394,772)	(10,943)	—

Summary of balances and transactions with related parties

	Years ended December 31,
In thousands of USD	2020	2021	2022
Revenue from Bitmain and BTC⁽¹⁾	88,054	73,522	—

(1)	Revenue from Bitmain and BTC arise from the Group’s normal course of business, See Note 2.

Summary of other related party balances and transactions

Name of related parties			Relationship with the Group
Matrix Finance and Technologies Holding Group and its subsidiaries (“Matrixport Group”)			The Group’s controlling person is the co-founder and chairman of the board of directors of Matrixport Group and has significant influence over Matrixport Group.

Details of due from related party are as follows:

	At December 31,
In thousands of USD	2021	2022
Due from related party
- Trade receivables	413	75
- Loans to a related party⁽¹⁾	1,087	322
Total due from related party	1,500	397

Due to related party
- Other payables⁽²⁾	19	316
Total due to related party	19	316

(1)	Loans to a related party represent unsecured, interest-free loans made to the related party. These loans are due on demand.

(2)	Other payables represent the accrued service expense related to the custody and other services provided by the related party.

Details of transactions with the related party are as follows:

	Years ended December 31,
In thousands of USD	2020	2021	2022
- Provide service to a related party	—	530	3,076
- Receive service from a related party	—	294	425
- Interest earned from a related party	—	1,552	1,499
- Return of wealth management products from a related party	—	737	283
- Changes in fair value of financial assets at fair value through profit or loss	—	—	(952)

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair value hierarchy (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Transfers out of Level 1 to Level 2	$ 0
Transfers out of Level 2 to Level 1	0
Transfers into Level 3	0
Transfers out of Level 3	0
Quoted price \| At fair value \| USDC
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	89	$ 99
Recent transaction price \| At fair value \| Investments A and B in unlisted equity instruments
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value		1,250
Recent transaction price \| At fair value \| Investments C and E in unlisted equity instruments
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	11,500
Net asset value \| At fair value \| Investments A, B and D in unlisted equity instruments
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	18,348
Net asset value \| At fair value \| Investment in unlisted debt instrument
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	31,111
Level 1 \| Quoted price \| At fair value \| USDC
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	89	99
Level 3 \| Recent transaction price \| At fair value \| Investments A and B in unlisted equity instruments
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value		$ 1,250
Level 3 \| Recent transaction price \| At fair value \| Investments C and E in unlisted equity instruments
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	11,500
Level 3 \| Net asset value \| At fair value \| Investments A, B and D in unlisted equity instruments
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	18,348
Level 3 \| Net asset value \| At fair value \| Investment in unlisted debt instrument
FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS
Financial assets at fair value	$ 31,111

EQUITY

12 Months Ended

Dec. 31, 2022

EQUITY.

EQUITY

18.

EQUITY

Invested capital

The consolidated financial statements were prepared in accordance with principles described in Note 2. No share capital is presented for the 2020 historical periods. Invested capital is derived by aggregating the net assets of the Bitdeer Business’s direct and indirect subsidiaries and the net assets of the Bitdeer business activities conducted in direct and indirect subsidiaries of Bitmain as well as BTC. Invested capital also includes changes in reserve due to

the effect of foreign currency translation adjustments and capital funding. For the year ended December 31, 2021, invested capital includes the net assets of the activities Bitdeer Business conducted in direct and indirect subsidiaries of Bitmain between January 1, 2021 and January 26, 2021, as well as BTC between January 1, 2021 and April 15, 2021. The balance of invested capital was reclassified to other reserve upon completion of the Reorganization.

Issued share capital

The authorized share capital of the Group is US$50,000 divided into: (i) 497,354,466,516 ordinary shares with a par value of US$0.0000001 each, (ii) 461,033,549 Series A preferred shares with a par value of US$0.0000001 each, (iii) 870,232,230 Series B preferred shares with a par value of US$0.0000001 each, and (iv)1,314,267,705 Series B+ preferred shares with a par value of US$0.0000001 each.

In August 2021, The Group divided the 497,354,466,516 ordinary shares into (i) 491,722,670,897 Class A ordinary shares, each with a par value of US$0.0000001 and 1 vote on all matters in any shareholders meeting of the Group and (ii) 5,631,795,619 Class B ordinary shares, each with a par value of US$0.0000001 and 10 votes on all matters in any shareholders meeting of the Group. All issued and outstanding Series A, Series B and Series B+ preferred shares remain the same and unchanged. In connection with the division of ordinary shares, the Group redesignated the 5,631,795,619 ordinary shares held by Victory Courage Limited, an entity controlled by the Chairman of the Board of Directors of the Group, as Class B ordinary shares, and the remaining outstanding ordinary shares held by various shareholders as Class A ordinary shares.

	Class A Ordinary Shares	Amount in USD	Class B Ordinary Shares	Amount in USD
At January 1, 2021, shares issued and outstanding	—	—	—	—
Share allotment upon Reorganization	10,016,592,322	1,002	—	—
Redesignation of ordinary shares	(5,631,795,619)	(563)	5,631,795,619	563
At December 31, 2021, shares issued and outstanding	4,384,796,703	439	5,631,795,619	563
At December 31, 2022, shares issued and outstanding	4,384,796,703	439	5,631,795,619	563

	Series A Preferred Shares	Amount in USD	Series B Preferred Shares	Amount in USD	Series B+ Preferred Shares	Amount in USD
At January 1, 2021, shares issued and outstanding	—	—	—	—	—	—
Share allotment upon Reorganization	461,033,549	46	870,232,230	87	1,314,267,705	131
At December 31, 2021, shares issued and outstanding	461,033,549	46	870,232,230	87	1,314,267,705	131
At December 31, 2022, shares issued and outstanding	461,033,549	46	870,232,230	87	1,314,267,705	131

The shares allotted to shareholders pursuant to the Reorganization were charged to reserve.

Retained earnings

The Group’s retained earnings include the result of the Group’s operations for the years ended December 31, 2021 and 2022 excluding the activities Bitdeer Business conducted in direct and indirect subsidiaries of Bitmain and BTC, which were included in invested capital as discussed above.

Reserves

The Group’s reserves include the following:

(i)

Share premium, which effectively represents the share subscription amount paid over the par value of the shares. The application of the share premium account is governed by Section 34 of the Companies Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands as amended, supplemented or otherwise modified from time to time.

(ii)	Invested capital reclassified upon completion of the Reorganization.

(iii)

All foreign exchange differences arising from the translation of the financial statements of foreign operations, excluding the effects resulting from the activities the Bitdeer Business conducted in direct and indirect subsidiaries of Bitmain and BTC, which were included in invested capital.

(iv)	The value of the conversion option of the equity component embedded in the convertible debt.

(v)	The accumulated share-based payment expenses.

Capital management

The Group’s primary objective in terms of managing capital is to

•	safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, mainly by pricing products and services commensurate with the level of risk.

•	To support the Group’s stability and growth

•	To provide capital for the purpose of strengthening the Group’s risk management capability

The Group’s business and financial condition are highly correlated with the market price of cryptocurrencies. For the years ended December 31, 2020, 2021 and 2022, the Group’s revenue is substantially generated from cryptocurrency-related operations. The Group has adopted various measures to minimize the risk associated with the fluctuation in the market price of cryptocurrencies, specifically, the Group has implemented an internal strategy requiring prompt conversion of all the cryptocurrencies received from ordinary operations into fiat currencies.

In order to maintain or adjust the capital structure, the Group reviews and manages its capital structure actively and regularly to ensure optimal capital structure and shareholder returns, taking into account the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities.

The Group is not subject to externally imposed capital requirements.

INVESTMENT PROPERTIES - Schedule of investment properties (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
INVESTMENT PROPERTIES
Ending balance	$ 35,542	$ 35,542
Investment property
INVESTMENT PROPERTIES
Ending balance	35,542	35,542
Investment property \| Cost
INVESTMENT PROPERTIES
Acquisition of assets	34,986
Additions	730
Exchange adjustments	1,103
Ending balance	36,819	36,819
Investment property \| Accumulated depreciation
INVESTMENT PROPERTIES
Charge for the year		(1,237)
Exchange adjustments		(40)
Ending balance	(1,277)	(1,277)
Investment property \| Leasehold land
INVESTMENT PROPERTIES
Ending balance	5,547	5,547
Investment property \| Leasehold land \| Cost
INVESTMENT PROPERTIES
Acquisition of assets	4,833
Additions	730
Exchange adjustments	183
Ending balance	5,746	5,746
Investment property \| Leasehold land \| Accumulated depreciation
INVESTMENT PROPERTIES
Charge for the year		(192)
Exchange adjustments		(7)
Ending balance	(199)	(199)
Investment property \| Building
INVESTMENT PROPERTIES
Ending balance	29,628	29,628
Investment property \| Building \| Cost
INVESTMENT PROPERTIES
Acquisition of assets	29,773
Exchange adjustments	906
Ending balance	30,679	30,679
Investment property \| Building \| Accumulated depreciation
INVESTMENT PROPERTIES
Charge for the year		(1,019)
Exchange adjustments		(32)
Ending balance	(1,051)	(1,051)
Investment property \| Others
INVESTMENT PROPERTIES
Ending balance	367	367
Investment property \| Others \| Cost
INVESTMENT PROPERTIES
Acquisition of assets	380
Exchange adjustments	14
Ending balance	394	394
Investment property \| Others \| Accumulated depreciation
INVESTMENT PROPERTIES
Charge for the year		(26)
Exchange adjustments		(1)
Ending balance	$ (27)	$ (27)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($)	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 231,362,000	$ 372,088,000
Cryptocurrencies	2,175,000	6,187,000
Trade receivables	18,304,000	8,238,000
Amounts due from a related party	397,000	1,500,000
Mining machines	27,703,000	46,469,000
Prepayments and other assets	59,576,000	34,637,000
Financial assets at fair value through profit or loss	60,959,000	1,250,000
Restricted cash	11,494,000	10,310,000
Right-of-use assets	60,082,000	58,941,000
Property, plant and equipment	138,636,000	102,617,000
Investment properties	35,542,000
Intangible assets	322,000	115,000
Deferred tax assets	4,857,000	4,622,000
TOTAL ASSETS	651,409,000	646,974,000
LIABILITIES
Trade payables	15,768,000	17,740,000
Other payables and accruals	22,176,000	17,258,000
Amounts due to a related party	316,000	19,000
Income tax payables	657,000	10,454,000
Deferred revenue	182,297,000	213,449,000
Borrowings	29,805,000	29,460,000
Lease liabilities	70,425,000	62,968,000
Deferred tax liabilities	11,626,000	7,547,000
TOTAL LIABILITIES	333,070,000	358,895,000
NET ASSETS	318,339,000	288,079,000
EQUITY
Share capital	1,000	1,000
Retained earnings	6,803,000	67,169,000
Reserves	311,535,000	220,909,000
TOTAL EQUITY	$ 318,339,000	$ 288,079,000

SUBSEQUENT EVENTS - award granted (Details) - Share awards granted - 2021 Share Incentive Plan	1 Months Ended
	Apr. 30, 2023 USD ($) item $ / shares shares	Jan. 31, 2023 USD ($) item $ / shares shares
SUBSEQUENT EVENTS
Number of awards granted (in shares) \| $	46,806,000	46,806,000
Number of batches \| item	2	2
Number of shares for each award \| shares	1	1
Exercise price (in dollars per share) \| $ / shares	$ 0.03	$ 0.03
Vesting period	5 years	5 years

RELATED PARTY TRANSACTIONS - Reconciliation of deemed contributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Deemed distribution to related parties per consolidated statements of changes in invested capital and equity	$ (29,311)	$ (157,557)
Corporate allocations	(2,167)	(1,709)
Net effect of attribution of the assets and liabilities from Bitmain's business transferred to the Group during the Reorganization	20,535	(235,506)
Total deemed distribution to related parties per consolidated statements of cash flows	$ (10,943)	$ (394,772)

SHARE-BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2022

SHARE-BASED PAYMENTS

Schedule of movements in share awards

	Number of options (’000)	Average exercise price per share option (US$)	Average fair value per share option (US$)
As at January 1, 2021	—	—	—
Granted during the year	1,097,852	0.03	0.23
As at December 31, 2021	1,097,852	0.03	0.23

	Number of options (’000)	Average exercise price per share option (US$)	Average fair value per share option (US$)
Granted during the year	139,690	0.03	0.16
Forfeited	(25,597)	0.03	0.22
As at December 31, 2022	1,211,945	0.03	0.22
Vested and exercisable at December 31, 2022	417,767	0.03	0.22

Schedule of share based compensation expense

	Year ended December 31,
In thousands of USD	2021	2022
Cost of revenue	10,424	10,050
General and administrative expenses	54,458	48,850
Research and development expenses	18,246	24,258
Selling expenses	5,227	7,490
Total	88,355	90,648

Schedule of fair value assumptions of awards

	At August 1, 2021	At November 1, 2021
Dividend yield (%)	—	—
Expected volatility (%)	130.19%	130.23%
Risk-free interest rate (%)	1.24%	1.57%
Exercise multiple	2.20-2.80	2.20

	At January 1, 2022	At April 1, 2022	At July 1, 2022	At October 1, 2022
Dividend yield (%)	—	—	—	—
Expected volatility (%)	128%	123%	120%	121%
Risk-free interest rate (%)	1.618%	2.415%	2.893%	3.886%
Exercise multiple	2.20-2.80	2.20	2.20	2.20

INVESTMENT PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2022

INVESTMENT PROPERTIES

Schedule of investment properties

The detail of investment properties is as follows:

In thousands of USD	Leasehold land	Building	Others	Total
Cost:
At July 1, 2022^*	—	—	—	—
Acquisition of assets	4,833	29,773	380	34,986
Additions	730	—	—	730
Exchange adjustments	183	906	14	1,103
At December 31, 2022	5,746	30,679	394	36,819
Accumulated depreciation:
At January 1, 2022	—	—	—	—
Charge for the year	(192)	(1,019)	(26)	(1,237)
Exchange adjustments	(7)	(32)	(1)	(40)
At December 31, 2022	(199)	(1,051)	(27)	(1,277)
Net book value:
At December 31, 2022	5,547	29,628	367	35,542

*	The investment properties were acquired from the acquisition of AFH, which was closed on July 1, 2022. See Note 5

Schedule of maturity analysis of lease payments receivable under operating leases

The maturity analysis of lease payments receivable under operating leases of investment properties was as follows:

In thousands of USD			At December 31, 2022
2023			3,600
2024			3,701
2025			3,229
2026			2,492
2027			1,855
Thereafter			4,711
Total			19,588

USE OF JUDGMENTS AND ESTIMATES

12 Months Ended

Dec. 31, 2022

USE OF JUDGMENTS AND ESTIMATES

USE OF JUDGMENTS AND ESTIMATES

3.	USE OF JUDGMENTS AND ESTIMATES

Estimates and judgments are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates may not be equal to the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Depreciation of mining machines

Depreciation on the Group’s mining machines is calculated using the straight-line method to allocate costs up to residual values over the estimated useful lives of the assets. The Group reviews the useful lives and residual values at least at each financial year-end and adjusted, if appropriate, to ensure that the method and rates of depreciation are consistent with the expected pattern of realization of economic benefits from mining machines. The Group estimates the useful lives of mining machines based on historical experience, taking into account anticipated technological changes. If there are significant changes from previously estimated useful lives, the amount of depreciation expenses may change.

The useful life of mining machines is changed from one year to one to two years as a result of the review conducted in July 2021.

Cryptocurrency accounting

The cryptocurrency market is still a new market and is highly volatile and historical prices are not necessarily indicative of future value. A significant change in the market prices for cryptocurrencies would have a significant impact on the Group’s earnings and financial position.

If circumstances indicate that the carrying amount of cryptocurrencies other than USDC may not be recoverable, the assets may be considered “impaired”, and an impairment loss may be recognized in accordance with the accounting policy for impairment of cryptocurrencies other than USDC as described in Note 2(u).

When such a decline has occurred, the carrying amount is reduced to the recoverable amount. The recoverable amount is based on the fair value less costs of disposal. Furthermore, for USDC, the carrying balance of USDC at the date of the consolidated statements of financial position is adjusted to its fair value with changes recorded through profit or loss.

The fair value of the cryptocurrencies is measured at quoted price at the time the fair value of cryptocurrencies is being measured, which the Group considers to be predominantly a Level 1 fair value input under IFRS 13 Fair Value Measurement fair value hierarchy. The fair value measurement of the cryptocurrencies lent or invested and the embedded derivatives related to cryptocurrency lending arrangements and cryptocurrency-denoted wealth management product purchases are discussed in Note 4. Changes in these estimates could have a significant impact on the amount of the assets and could result in additional impairment charges or reversal of impairment and gain or loss from changes in fair value in future periods.

With respect to the cryptocurrency receivables recognized for the cryptocurrency lending or wealth management products, the Group evaluates the expected credit losses on such receivables by considering both internal and external, quantitative and qualitative factors and utilizing the general expected credit losses model as described in Note 2(u).

Revenue from the self-mining business

There is currently no specific definitive guidance in IFRS or alternative accounting frameworks for the accounting for the revenue from the self-mining business. The Group’s management has exercised significant

judgment in determining appropriate accounting treatment for the recognition of revenue from the self-mining business. Management has examined various factors surrounding the substance of the Group’s operations, such as the reliability of the measurement of the cryptocurrencies received.

Income taxes

Income tax expense, deferred tax assets and liabilities, and reserves for uncertain tax positions reflect management’s best assessment of estimated future taxes to be paid. The Group is subject to income taxes in Singapore and numerous other jurisdictions. Significant judgments and estimates are required in determining the income tax expense.

In determining the current income tax provision, management assesses temporary differences resulting from differing treatments of items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are recorded in the consolidated statements of financial position. When management assesses deductible temporary differences, including those originating from tax losses carried forward, management must assess the probability that these will be recovered through adjustments to future taxable income. To the extent the management believes recovery is not probable, no deferred tax asset is recognized.

Forecasting future income requires the use of a significant amount of judgment. In estimating future income, management uses internal operating budgets and long-range planning projections. Management develops its budgets and long-range projections based on recent results, trends and economic and industry forecasts influencing the Group’s performance. Significant changes in management’s judgment related to the expected realizability of deductible temporary differences result in an adjustment to the associated deferred tax asset.

The calculation of income tax expense involves dealing with uncertainties in the application of complex tax laws and regulations in numerous jurisdictions in which the Group operates. Management recognizes tax benefits related to uncertain tax positions when, in management’s judgment, it is more likely than not that such positions will be sustained on examination, including resolutions of any related appeals or litigation, based on the technical merits. Management adjusts liabilities for uncertain tax positions when its judgment changes as a result of new information previously unavailable. Due to the complexity of some of these uncertainties, their ultimate resolution may result in payments that are materially different from current estimates. Any such differences will be reflected as adjustments to income tax expenses in the periods in which they are determined.

Share-based payments

The determination of the fair value of the Group’s ordinary shares and the share awards granted under the 2021 Share Incentive Plan involves significant judgment and estimates. The Group determined the fair value of the share awards using the Binomial option valuation model. Estimates such as stock price, volatility of the Group’s ordinary shares, risk-free interest rate, exercise multiple and the expected dividend yield were used in the valuation model.

The Group determined the fair value of the Group’s ordinary shares, or the stock price, used in the determination of the fair value of the share awards, using the discounted cash flow model. Estimates such as the Group’s stage of development, financial condition and operating results, general market conditions and the lack of marketability of the Group’s ordinary shares were used in the valuation model.

The fair value of the Group’s ordinary shares and the share awards were determined by the Group with the assistance of an independent third-party valuation firm.

Fair value of financial assets at fair value through profit or loss

Fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety. The type and level of judgment required is dependent on the amount of observable market-based data available to the Group. For financial assets valued using valuation models and techniques that use significant unobservable inputs and are therefore classified within level 3 of the fair value hierarchy, judgments used to estimate fair value are more significant than those required when estimating the fair value of instruments classified within levels 1 and 2.

In determining the estimate of fair value for an instrument within level 3, the management firstly determines the appropriate and reasonable valuation model and technique to use. Second, the lack of availability of market-based data requires management to assess relevant empirical data in deriving valuation inputs with significant judgements and assumption. Details of the significant unobservable inputs used in the level 3 valuation are presented in Note 4.

Estimation of unobservable market inputs or other factors can affect the amount of gain or loss recorded in the reporting period and the amount of the position as at year end. The Group believes the estimates applied to be based on reasonable assumptions, but which are inherently uncertain. As a result, actual results may differ from the assumptions and judgments used to determine fair value of the financial instruments acquired. Changes in these estimates and assumptions and valuation model or techniques may have a material effect on the Group’s financial condition and results of operations.

Assessment of the asset acquisition

The acquisition of Asia Freeport Holdings Pte. Ltd. was assessed as an asset acquisition by applying the optional concentration test described In Note 2(y). Management applied judgment in identifying the assets acquired, their relative fair value, and if the “substantially all” criterion has been met, based on the previous elements.

To apply the optional concentration test, the Group estimated the fair value of investment properties at the closing date using the discounted cash flow model under the income approach with the assistance of an independent valuation specialist. The key input to the model used for determining the value of the investment properties include the operation projection and the discount rate, which is 7.75%.

EQUITY - Classes of shares - Votes (Details) - USD ($)	12 Months Ended
EQUITY - Classes of shares - Votes (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2022
Disclosure of classes of share capital [line items]
Shares issued and outstanding at the beginning	$ 0
Shares issued and outstanding at the end	1,000
Shares issued and outstanding	$ 1,000	$ 1,000
Series A Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Share allotment upon Reorganization	461,033,549
Shares issued and outstanding at the end	461,033,549
Shares issued and outstanding	461,033,549	461,033,549
Shares issued and outstanding at the beginning	$ 0
Share allotment upon Reorganization	46,000
Shares issued and outstanding at the end	46,000
Shares issued and outstanding	$ 46,000	$ 46,000
Series B Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Share allotment upon Reorganization	870,232,230
Shares issued and outstanding at the end	870,232,230
Shares issued and outstanding	870,232,230	870,232,230
Shares issued and outstanding at the beginning	$ 0
Share allotment upon Reorganization	87,000
Shares issued and outstanding at the end	87,000
Shares issued and outstanding	$ 87,000	$ 87,000
Series B+ Preferred Shares
Disclosure of classes of share capital [line items]
Share allotment upon Reorganization	1,314,267,705
Shares issued and outstanding at the end	1,314,267,705
Shares issued and outstanding	1,314,267,705	1,314,267,705
Shares issued and outstanding at the beginning	$ 0
Share allotment upon Reorganization	131,000
Shares issued and outstanding at the end	131,000
Shares issued and outstanding	$ 131,000	$ 131,000
Class A ordinary shares [Member] \| Ordinary shares
Disclosure of classes of share capital [line items]
Share allotment upon Reorganization	10,016,592,322
Redesignation of Ordinary Shares Into Another Class	(5,631,795,619)
Shares issued and outstanding at the end	4,384,796,703
Shares issued and outstanding	4,384,796,703	4,384,796,703
Shares issued and outstanding at the beginning	$ 0
Share allotment upon Reorganization	1,002,000
Redesignation of ordinary shares	(563,000)
Shares issued and outstanding at the end	439,000
Shares issued and outstanding	$ 439,000	$ 439,000
Class B ordinary shares [Member] \| Ordinary shares
Disclosure of classes of share capital [line items]
Redesignation of Ordinary Shares Into Another Class	5,631,795,619
Shares issued and outstanding at the end	5,631,795,619
Shares issued and outstanding	5,631,795,619	5,631,795,619
Shares issued and outstanding at the beginning	$ 0
Redesignation of ordinary shares	563,000
Shares issued and outstanding at the end	563,000
Shares issued and outstanding	$ 563,000	$ 563,000

EARNINGS / (LOSS) PER SHARE - Computation of basic and diluted earnings (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EARNINGS / (LOSS) PER SHARE
Profit / (loss) attributable to ordinary equity shareholders of the Group	$ (60,366)	$ 82,643	$ (55,826)
Weighted average number of ordinary shares outstanding	12,662,126	12,662,126	12,662,126
Basic earnings / (loss) per share	$ 0	$ 0.01	$ 0
Profit / (loss) attributable to ordinary equity shareholders of the Group.	$ (60,366)	$ 82,643	$ (55,826)
Increase in profit attributable to ordinary equity shareholders of the Group resulted from conversion of convertible debt		1,223
Profit / (loss) attributable to ordinary equity shareholders of the Group for diluted EPS	$ (60,366)	$ 83,866	$ (55,826)
- Assumed conversion of convertible debt		210,681
- Assumed exercise of share awards		104,370
Weighted average number of shares outstanding for diluted EPS (thousand shares)	12,662,126	12,977,177	12,662,126
Diluted earnings / (loss) per share	$ 0	$ 0.01	$ 0

LEASES - Lease liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lease liabilities.
Lease liabilities matures within 12 months	$ 4,973	$ 3,287
Lease liabilities matures over 12 months	65,452	59,681
Lease liabilities	70,425	$ 62,968
Leasehold land \| Investment property
Lease liabilities.
Lease liabilities	$ 4,700

ORGANIZATION

12 Months Ended

Dec. 31, 2022

ORGANIZATION

ORGANIZATION

1.	ORGANIZATION

General information

Bitdeer Technologies Holding Company (the “Company” or “Bitdeer”) is a limited liability company incorporated in the Cayman Islands on November 18, 2020. The address of its registered office is 89 Nexus Way, Camana Bay, Grand Cayman KY1-9009, Cayman Islands.

The Company does not conduct any substantive operations on its own but conducts its primary operations through its subsidiaries. The Company and its subsidiaries (together, the “Group”) are principally engaged in the following business activities:

•	Offering to its customers plan subscriptions, from which the customers receive computing service in quantity measured in hash rate and benefit from such service as a result of directing the computing service to mining pools and receiving cryptocurrency rewards (the “Cloud Hash Rate business”);

•	Using the Group’s mining machines to provide computing power to mining pools in exchange for cryptocurrencies rewards (the “self-mining” business, formerly known as the proprietary mining business”); and

•	Providing dynamic hosting solutions in the Group’s mining datacenters (the “hosting business”, together with Cloud Hash Rate business and self-mining business, the “Bitdeer Business”).

Reorganization

Separation from Bitmain

For the year ended December 31, 2020, and the period from January 1, 2021 to January 26, 2021, the Bitdeer Business and the mining pool business, including the ownership of and registration right to the domain name btc.com (the “BTC.com Pool Business” or “BTC”), were operated through a number of entities controlled by BitMain Technologies Holding Company (collectively with its subsidiaries, “Bitmain”). The Company was created to separate the Bitdeer Business and the BTC.com Pool Business following a corporate reorganization of Bitmain to effectuate the separation. The separation from Bitmain resulted in the transfer of certain assets, liabilities and contracts related to the Bitdeer Business and the BTC.com Pool Business at their historical book values from Bitmain to the Company on January 26, 2021, when Bitmain distributed by way of dividend in kind the shares of the Company to the then existing Bitmain shareholders and the Company and its subsidiaries began to operate on a stand-alone basis.

Separation of the BTC.com Pool Business

In February 2021, the Group established Blockchain Alliance Technologies Holding Company (“Blockchain Alliance”) to separate the BTC.com Pool Business following a corporate reorganization of the Group to effectuate the separation. The separation was consummated on April 15, 2021, when the Group distributed by way of dividend in kind the shares of Blockchain Alliance to the then existing shareholders of the Group.

TAXATION - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TAXATION
Total deferred tax assets	$ 7,529	$ 4,622
Set-off of deferred tax positions relate to income taxes levied by the same tax authority	(2,672)
Deferred tax assets	4,857	4,622
Set-off of deferred tax positions relate to income taxes levied by the same tax authority	2,672
Deferred tax liabilities	(11,626)	(7,547)
Net deferred tax assets / (liabilities)	(6,769)	(2,925)	$ 30,102	$ 19,804
Tax losses carried forward
TAXATION
Total deferred tax assets	4,324	4,362
Net deferred tax assets / (liabilities)	4,324	4,362	23,592	19,292
Share-based payments
TAXATION
Total deferred tax assets	2,672
Net deferred tax assets / (liabilities)	2,672
Property, plant and equipment and intangible assets
TAXATION
Total deferred tax assets	533	260
Property, plant and equipment.
TAXATION
Deferred tax liabilities	(14,298)	(7,547)
Net deferred tax assets / (liabilities)	$ (13,765)	$ (7,287)	$ 5,806	$ (192)

MINING MACHINES

12 Months Ended

Dec. 31, 2022

MINING MACHINES.

MINING MACHINES

10.	MINING MACHINES

The details of mining machines are as follows:

In thousands of USD			Mining Machines
Cost:
At January 1, 2020			81,482
Additions			133,335
Disposals			(87,597)
Exchange adjustments			2,026
At December 31, 2020			129,246
Accumulated depreciation:
At January 1, 2020			(32,357)
Charge for the year			(98,136)
Disposals			67,113
Exchange adjustments			(1,066)
At December 31, 2020			(64,446)
Impairment:
At January 1, 2020			(9)
Disposals			9
At December 31, 2020			—
Net book value:
At December 31, 2020			64,800
Cost:
At January 1, 2021			129,246
Additions			31,645
Disposals			(37,998)
Exchange adjustments			243
At December 31, 2021			123,136
Accumulated depreciation:
At January 1, 2021			(64,446)
Charge for the year			(43,857)
Disposals			32,005
Exchange adjustments			(263)
At December 31, 2021			(76,561)
Impairment:
At January 1, 2021			—
Additions⁽¹⁾			(106)
At December 31, 2021			(106)
Net book value:
At December 31, 2021			46,469

In thousands of USD			Mining Machines
Cost:
At January 1, 2022			123,136
Additions			12,016
Disposals			(12,949)
At December 31, 2022			122,203
Accumulated depreciation:
At January 1, 2022			(76,561)
Charge for the year			(29,281)
Disposals			11,443
At December 31, 2022			(94,399)
Impairment:
At January 1, 2022			(106)
Disposal			5
At December 31, 2022			(101)
Net book value:
At December 31, 2022			27,703

(1)	Included in the cost of revenue

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Bitmain [Member]
Property, plant and equipment
Depreciation	$ 20	$ 300

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - breakdown of cash and cash equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	$ 231,362	$ 372,088
Restricted cash	11,494	10,310
US dollar
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	211,253	368,115
Singapore dollar
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	2,234	2,829
Chinese renminbi
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	2,484	37
Norwegian krone
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	12,589	1,104
Euro
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	2,791	$ 3
Hong Kong, Dollars
Cash, cash equivalents and restricted cash [line items]
Cash and cash equivalents	$ 11

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

12 Months Ended

Dec. 31, 2022

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

16.	EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS

(a)	Expenses by nature

	Years ended December 31,
	2020	2021	2022
In thousands of USD	(Restated)
Staff cost
- salaries, wages and other benefits	33,041	37,730	50,132
Share-based payments	—	88,355	90,648
Amortization
- intangible assets	111	146	97
Depreciation
- mining machines	98,136	43,857	29,281
- property, plant and equipment	9,807	14,416	30,438
- investment properties	—	—	1,237
- right-of-use assets	3,983	4,636	5,371
Electricity cost in operating mining machines	72,078	58,447	139,469
Cost of mining machines sold	17,537	5,978	1,002
Consulting service fee	1,039	8,787	6,797
Tax and surcharge	3,085	2,202	3,355
Advertising expenses	2,189	880	737
Office expenses	543	2,219	3,124
Research and development technical service fees	681	1,964	1,313
Expenses of low-value consumables	971	1,662	4,025
Expenses of variable payment lease	—	610	639
Expenses of short-term leases	372	351	527
Impairment loss of mining machines	—	106	—
Logistic expenses	339	1,391	3,060
Travel expenses	52	1,393	3,202
Insurance fee	459	983	3,446
Others	766	4,826	12,756
Total cost of revenue, selling, general and administrative and research and development expenses	245,189	280,939	390,656

(b)	Other operating income / (expenses)

	Years ended December 31,
In thousands of USD	2020	2021	2022
Net gain / (losses) on disposal of cryptocurrencies	2,716	18,725	(3,131)
Impairment loss of cryptocurrencies	—	(436)	—
Change in fair value of cryptocurrencies lent	—	(3,735)	—
Net loss on disposal of mining machine	(2,984)	(36)	(497)
Write-off of receivables from a related party⁽¹⁾	(2,025)	—	—
Others	248	107	—
Total	(2,045)	14,625	(3,628)

(1)	In 2020, Bishkek Maker Cloud Technologies Co., Ltd. (“Bishkek”), an entity of the Bitdeer Business, waived a receivable of approximately US$2.0 million from one of the subsidiaries of Bitmain. Bishkek was disposed of in July 2021.

(c)	Other net gain / (loss)

	Years ended December 31,
In thousands of USD	2020	2021	2022
Loss on impairment of property, plant and equipment	(2,211)	—	—
Gain on extinguishment of debt	—	880	—
Net gain on disposal of property, plant and equipment and intangible assets	66	56	662
Government grants	307	35	42
Changes in fair value of financial assets at fair value through profit or loss	—	—	(841)
Net gain on disposal of other financial assets	—	—	213
Impairment loss of a pre-matured investment⁽¹⁾	—	(2,025)	—
Net gain on settlement of balances with Bitmain	—	4,468	—
Others	(722)	(931)	281
Total	(2,560)	2,483	357

(1)

The Group signed a project investment agreement with a third party in April 2021 and made a payment of approximately $2 million. The project was later forfeited, and the Group is actively collecting the paid amount, which was impaired as of June 30, 2021 based on management’s estimate over the likelihood of collection at current stage.

(d)	Finance income / (expenses)

	Years ended December 31,
In thousands of USD	2020	2021	2022
Interest on lease liabilities	(817)	(1,217)	(2,425)
Cryptocurrency transaction service fee	(458)	(109)	(159)
Gain / (loss) on foreign currency transactions	618	(226)	(2,881)
Interest income	419	2,947	4,291
Interest expenses on bank loan	(6)	(3)	—
Interest expense on convertible debt	—	(1,223)	(2,778)
Others	(136)	(110)	(229)
Total	(380)	59	(4,181)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2022

USD ($)

item

Dec. 31, 2021

USD ($)

item

Dec. 31, 2020

USD ($)

item

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Deferred Revenues

$ 102,300

$ 11,100

$ 10,300

Revenue

333,342

394,661

$ 186,387

Contract liabilities

$ 182,297

$ 213,449

Number of Major Customers | item

Customer One [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Percentage of entity's revenue

20.07%

1.53%

0.00%

Proprietary mining

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

$ 62,359

$ 191,693

$ 88,493

Brand of AntPool [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Percentage of entity's revenue

0.24%

0.72%

24.44%

Brand of BTC [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Percentage of entity's revenue

14.94%

44.68%

22.81%

Hash Rate Subscription [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

$ 77,862

$ 53,952

$ 31,389

Electricity Subscription [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

39,525

35,113

45,242

Additional consideration from acceleration plan arrangements [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

3,954

35,140

1,657

Sale of mining machines

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

705

45,693

15,844

Cloud Hosting Arrangements [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

12,723

7,568

2,929

General Hosting [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

99,251

18,312

Membership Hosting [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

26,056

Other Products [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revenue

^[1]

$ 10,907

$ 7,190

$ 833

[1]	Others include revenue generated primarily from providing technical and human resources service, repairment services of hosted mining machines, lease of investment properties, and the sale of mining machine peripherals.

ASSET ACQUISITION

12 Months Ended

Dec. 31, 2022

ASSET ACQUISITION

ASSET ACQUISITION

5.	ASSET ACQUISITION

On June 17, 2022, the Group entered into a sale and purchase agreement with Worldwide VGS B.V. and Yves Charles Edgar Bouvier, the ultimate beneficial owner of Worldwide VGS B.V., pursuant to which the Group agreed to purchase the 100% equity interest of Asia Freeport Holdings Pte. Ltd. and its subsidiaries (collectively, “AFH”), which was previously controlled by Worldwide VGS B.V., and the sculpture “Cage Sans Frontieres” created by Ron Arad, which was previously owned by Yves Charles Edgar Bouvier. The acquisition was closed on July 1, 2022.

As the sculpture was placed in an investment property building owned by AFH and cannot be removed or used separately without incurring significant costs, the sculpture is considered attached to the building of AFH. In addition, because Yves Charles Edgar Bouvier is the ultimate beneficial owner of Worldwide VGS B.V., the acquisition of AFH and the sculpture is treated as a single transaction. AFH is based in Singapore and conducts business in providing leases to customers. This transaction has been accounted for as an asset acquisition as the optional concentration test under IFRS 3 has been met.

The total purchase consideration of approximately US$27 million consisted of cash payment of approximately US$6 million and settlement of liabilities in the amount of approximately US$21 million. The Group has measured the group of assets and liabilities acquired based on their fair value at the date of the transaction and allocated the purchase consideration of the group of assets and liabilities to the individual identifiable assets and liabilities acquired on the basis of their relative fair value at the date of purchase.

Details of the net identifiable assets acquired, and purchase consideration are as follows:

Net identifiable assets In thousands of USD			At July 1, 2022
Investment properties			34,986
Other assets			529
Other liabilities			8,727
Net identifiable assets			26,788

Purchase consideration In thousands of USD			At July 1, 2022
Cash consideration paid			5,187
Liabilities settled			21,107
Transaction costs			494
Total consideration			26,788

INVESTMENT PROPERTIES - Maturity analysis of lease payments receivable under operating leases (Details) - Investment property $ in Thousands	Dec. 31, 2022 USD ($)
INVESTMENT PROPERTIES
Lease payments receivable	$ 19,588
2023
INVESTMENT PROPERTIES
Lease payments receivable	3,600
2024
INVESTMENT PROPERTIES
Lease payments receivable	3,701
2025
INVESTMENT PROPERTIES
Lease payments receivable	3,229
2026
INVESTMENT PROPERTIES
Lease payments receivable	2,492
2027
INVESTMENT PROPERTIES
Lease payments receivable	1,855
Thereafter
INVESTMENT PROPERTIES
Lease payments receivable	$ 4,711

SHARE-BASED PAYMENTS - Fair value of share awards (Details) - Options - USD ($) $ / shares in Units, $ in Thousands							12 Months Ended
	Oct. 01, 2022	Jul. 01, 2022	Apr. 01, 2022	Jan. 01, 2022	Nov. 01, 2021	Aug. 01, 2021	Dec. 31, 2022
SHARE-BASED PAYMENTS
Expected volatility (%)	121.00%	120.00%	123.00%	128.00%	130.23%	130.19%
Risk-free interest rate (%)	3.886%	2.893%	2.415%	1.618%	1.57%	1.24%
Exercise multiple	$ 2.2	$ 2.2	$ 2.2		$ 2.2
Expected dividend							$ 0
Minimum
SHARE-BASED PAYMENTS
Exercise multiple				$ 2.2		$ 2.2
Maximum
SHARE-BASED PAYMENTS
Exercise multiple				$ 2.8		$ 2.8

EQUITY (Details)	12 Months Ended
EQUITY (Details)	Dec. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 USD ($)	Aug. 31, 2021 shares	Dec. 31, 2020 USD ($)
Disclosure of classes of share capital [line items]
Share capital \| $	$ 1,000	$ 1,000		$ 0
Authorized Share Capital \| $	$ 50,000
Victory Courage Limited
Disclosure of classes of share capital [line items]
Number of shares authorised \| shares			5,631,795,619
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares authorised \| shares	497,354,466,516		497,354,466,516
Par value \| $ / shares	$ 0.0000001
Class A ordinary shares [Member]
Disclosure of classes of share capital [line items]
Number of votes per share \| Vote	1
Class B ordinary shares [Member]
Disclosure of classes of share capital [line items]
Number of votes per share \| Vote	10
Series A Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Share capital \| $	$ 46,000	46,000		0
Number of shares authorised \| shares	461,033,549
Par value \| $ / shares	$ 0.0000001
Number of votes per share \| Vote	1
Series B Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Share capital \| $	$ 87,000	87,000		0
Number of shares authorised \| shares	870,232,230
Par value \| $ / shares	$ 0.0000001
Number of votes per share \| Vote	1
Series B+ Preferred Shares [Member]
Disclosure of classes of share capital [line items]
Share capital \| $	$ 131,000	$ 131,000		$ 0
Number of shares authorised \| shares	1,314,267,705
Par value \| $ / shares	$ 0.0000001
Number of votes per share \| Vote	1

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2022

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

23.	SUBSEQUENT EVENTS

In January and April 2023, the Group granted a total of approximately 46,806,000 share awards in two batches to the designated recipients under the 2021 Plan. Each share award grants an option for the recipient to purchase one share of the Group’s ordinary shares at an exercise price of $0.03 per share. The share awards vest in five years, and the recipient shall continue to provide services to the Group by each vesting date.

In April 2023, the Group completed the business combination with BSGA and Bitdeer Technologies Group (“BTG”) via a multiple-merger structure (the “Business Combination”). Upon completion of the Business Combination, both the Group and BSGA became a wholly-owned subsidiary of Bitdeer Technologies Group (“BTG”), the ultimate holding company, and the then issued and outstanding shares of the Group were cancelled in exchange for newly issued shares of BTG at an exchange ratio of approximately 0.00858. The Business Combination is accounted for as a “reverse recapitalization” in accordance with IFRS. Under this method of accounting, the Group will be treated as the accounting acquirer for financial reporting purposes.

There were no other material subsequent events during the period from December 31, 2022 to the approval date of this consolidated financial statements on April 19, 2023.

OTHER PAYABLES AND ACCRUALS

12 Months Ended

Dec. 31, 2022

OTHER PAYABLES AND ACCRUALS

OTHER PAYABLES AND ACCRUALS

15.	OTHER PAYABLES AND ACCRUALS

Other payables and accruals consist of the following:

	At December 31,
In thousands of USD	2021	2022
Payables for surtaxes	8,184	8,928
Accrued operating expenses	2,108	5,539
Payables for staff-related costs	5,839	2,182
Deposit from hosting customers	—	2,911
Restoration provision for leasehold land	—	1,343
Others	1,127	1,273
Total	17,258	22,176

All other payables and accruals are expected to be settled within one year or are repayable on demand.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022
Cover [Abstract]
Document Type	F-1/A
Amendment Flag	false
Entity Registrant Name	Bitdeer Technologies Group
Entity Central Index Key	0001899123
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

USE OF JUDGMENTS AND ESTIMATES (Details)	1 Months Ended	12 Months Ended
USE OF JUDGMENTS AND ESTIMATES (Details)	Jul. 31, 2021	Dec. 31, 2022
USE OF JUDGMENTS AND ESTIMATES
Key input to the model used for determining the value of the investment properties include the operation projection and the discount rate		7.75%
Mining machines \| Maximum
USE OF JUDGMENTS AND ESTIMATES
Estimated useful life	2 years
Mining machines \| Minimum
USE OF JUDGMENTS AND ESTIMATES
Estimated useful life	1 year

SHARE-BASED PAYMENTS (Details) - Options	12 Months Ended
SHARE-BASED PAYMENTS (Details) - Options	Dec. 31, 2022 USD ($) Options item $ / shares shares	Dec. 31, 2021 Options item $ / shares shares
SHARE-BASED PAYMENTS
Number of awards granted (in shares) \| Options	139,690,000	1,097,852,000
Number of shares for each award \| shares	1	1
Exercise price (in dollars per share) \| $ / shares	$ 0.03	$ 0.03
Minimum
SHARE-BASED PAYMENTS
Vesting period	2 years
Maximum
SHARE-BASED PAYMENTS
Vesting period	7 years
Two batch
SHARE-BASED PAYMENTS
Number of awards granted (in shares) \| Options		1,097,852,000
Number of batches \| item		2
Four batch
SHARE-BASED PAYMENTS
Number of awards granted (in shares) \| $	139,690,400
Number of batches \| item	4

MINING MACHINES (Tables)

12 Months Ended

Dec. 31, 2022

MINING MACHINES.

Summary of mining machines

The details of mining machines are as follows:

In thousands of USD			Mining Machines
Cost:
At January 1, 2020			81,482
Additions			133,335
Disposals			(87,597)
Exchange adjustments			2,026
At December 31, 2020			129,246
Accumulated depreciation:
At January 1, 2020			(32,357)
Charge for the year			(98,136)
Disposals			67,113
Exchange adjustments			(1,066)
At December 31, 2020			(64,446)
Impairment:
At January 1, 2020			(9)
Disposals			9
At December 31, 2020			—
Net book value:
At December 31, 2020			64,800
Cost:
At January 1, 2021			129,246
Additions			31,645
Disposals			(37,998)
Exchange adjustments			243
At December 31, 2021			123,136
Accumulated depreciation:
At January 1, 2021			(64,446)
Charge for the year			(43,857)
Disposals			32,005
Exchange adjustments			(263)
At December 31, 2021			(76,561)
Impairment:
At January 1, 2021			—
Additions⁽¹⁾			(106)
At December 31, 2021			(106)
Net book value:
At December 31, 2021			46,469

In thousands of USD			Mining Machines
Cost:
At January 1, 2022			123,136
Additions			12,016
Disposals			(12,949)
At December 31, 2022			122,203
Accumulated depreciation:
At January 1, 2022			(76,561)
Charge for the year			(29,281)
Disposals			11,443
At December 31, 2022			(94,399)
Impairment:
At January 1, 2022			(106)
Disposal			5
At December 31, 2022			(101)
Net book value:
At December 31, 2022			27,703

(1)	Included in the cost of revenue

BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2022

BORROWINGS

Summary of Borrowings

	At December 31
In thousands of USD	2021	2022
Convertible debt⁽¹⁾	29,460	29,805
Total	29,460	29,805

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2022

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Summary of cash and cash equivalents

The breakdown of cash and cash equivalents is as follows:

	At December 31,
In thousands of USD	2021	2022
US dollar	368,115	211,253
Singapore dollar	2,829	2,234
Chinese renminbi	37	2,484
Norwegian krone	1,104	12,589
Euro	3	2,791
Hongkong dollar	—	11
Total cash and cash equivalents by currency	372,088	231,362
Restricted cash	10,310	11,494
Total restricted cash	10,310	11,494

Schedule of maximum aggregate draw amount from standby letters of credit

	At December 31,
	2021	2022
Draw Amount (In thousands of USD)	10,293	11,477
Range of expiration dates	July 2022 to June 2025	July 2023 to June 2025

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Share Capital	Retained Earnings	Exchange Reserve	Other Reserve	Invested Capital
Beginning balance at Dec. 31, 2019	$ (61,618)					$ (61,618)
Profit / (loss) for the year	(55,826)					(55,826)
Other comprehensive income / (loss)	905					905
Capital contribution received from related party	420,000					420,000
Deemed distribution to related parties	(157,557)					(157,557)
Ending balance at Dec. 31, 2020	145,904					145,904
Profit / (loss) for the year	82,643		$ 67,169			15,474
Other comprehensive income / (loss)	(195)			$ (195)
Capital share allotment relating to the Reorganization		$ 1			$ (1)
Share-based payments	88,355				88,355
Recognition of equity component of convertible debt	683				683
Deemed distribution to related parties	(29,311)					(29,311)
Reclassification of invested capital					132,067	$ (132,067)
Ending balance at Dec. 31, 2021	288,079	1	67,169	(195)	221,104
Profit / (loss) for the year	(60,366)		(60,366)
Other comprehensive income / (loss)	(22)			(22)
Share-based payments	90,648				90,648
Ending balance at Dec. 31, 2022	$ 318,339	$ 1	$ 6,803	$ (217)	$ 311,752

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2022-03-24
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2022-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2022-03-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2022-03-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2022-03-24
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2022-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2022-03-24

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2022-03-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Note Effective on first application of IFRS 9
-Name IFRS
-Number 4
-IssueDate 2022-03-24
-Paragraph 39L
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=4&code=ifrs-tx-2022-en-b&anchor=para_39L_e&doctype=Standard
-URIDate 2022-03-24

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2022-03-24
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2022-en-r&anchor=para_23&doctype=Standard
-URIDate 2022-03-24

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2022-03-24
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2022-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2022-03-24

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Note Effective 2023-01-01
-Name IFRS
-Number 17
-IssueDate 2022-03-24
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2022-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2022-03-24

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2022-03-24

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2022-03-24
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2022-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2022-03-24

+ Details

SHARE-BASED PAYMENTS - Share based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED PAYMENTS
Cost of revenue	$ 10,050	$ 10,424
General and administrative expenses	48,850	54,458
Research and development expenses	24,258	18,246
Selling expenses	7,490	5,227
Total	$ 90,648	$ 88,355

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2022

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

6.	CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The breakdown of cash and cash equivalents is as follows:

	At December 31,
In thousands of USD	2021	2022
US dollar	368,115	211,253
Singapore dollar	2,829	2,234
Chinese renminbi	37	2,484
Norwegian krone	1,104	12,589
Euro	3	2,791
Hongkong dollar	—	11
Total cash and cash equivalents by currency	372,088	231,362
Restricted cash	10,310	11,494
Total restricted cash	10,310	11,494

As of December 31, 2022 the Group owned short-term deposits, which were classified as cash equivalents, in an amount of approximately US$37 million with maturities ranging from January to February 2023, and interest ranging from 0.6% to 4.2%. The Group did not own any such short-term deposits as of December 31, 2021.

The Group’s restricted cash primarily relates to the application of standby letters of credit. The Group has applied a total of three standby letters of credits (“SLCs”) from the Signature Bank and CTBC Bank associated with property leased and electricity service subscribed. The SLCs provide the beneficiaries, which are the service providers, the ability to draw from the banks for a designated maximum aggregate amount (the “Draw Amount”). The details of SLCs are as follows:

	At December 31,
	2021	2022
Draw Amount (In thousands of USD)	10,293	11,477
Range of expiration dates	July 2022 to June 2025	July 2023 to June 2025

The amount and expiration dates of the SLCs are amended, from time to time, by the Group and beneficiaries, as a result of the amendments to the associated service agreements. In connection with the issuance of the SLCs, the banks held the Group’s cash balance equal to the Draw Amount as security. As of December 31, 2021 and 2022, none was utilized by the beneficiaries from the standby letters of credits.

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2022

FINANCIAL RISK MANAGEMENT AND FAIR VALUES OF FINANCIAL INSTRUMENTS

Summary of maturity profile of the Group's financial liabilities based on contractual undiscounted payments

The following is the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:

	At December 31, 2021
In thousands of USD	Within 1 year or on-demand	More than 1 year but less than 2 years	More than 2 years but less than 5 years	More than 5 years	Total	Carrying amount at December 31
Trade payables	17,740	—	—	—	17,740	17,740
Other payables and accruals	17,258	—	—	—	17,258	17,258
Amount due to a related party	19	—	—	—	19	19
Borrowings	—	29,460	—	—	29,460	29,460
Lease liabilities	5,489	5,516	16,275	53,254	80,534	62,968
	40,506	34,976	16,275	53,254	145,011	127,445

	At December 31, 2022
In thousands of USD	Within 1 year or on-demand	More than 1 year but less than 2 years	More than 2 years but less than 5 years	More than 5 years	Total	Carrying amount at December 31
Trade payables	15,768	—	—	—	15,768	15,768
Other payables and accruals	22,176	—	—	—	22,176	22,176
Amount due to a related party	316	—	—	—	316	316
Borrowings	29,805	—	—	—	29,805	29,805
Lease liabilities	7,471	6,967	20,290	53,347	88,075	70,425
	75,536	6,967	20,290	53,347	156,140	138,490

Summary of fair value measurement hierarchy for the Group's financial instruments

In thousands of USD	Valuation technique(s) and key input	December 31, 2021	Level 1	Level 2	Level 3
USDC	Quoted price	99	99	—	—
Investments A and B in unlisted equity instruments	Recent transaction price	1,250	—	—	1,250

In thousands of USD	Valuation technique(s) and key input	December 31, 2022	Level 1	Level 2	Level 3
USDC	Quoted price	89	89	—	—
Investments A, B and D in unlisted equity instruments	Net asset value	18,348	—	—	18,348

In thousands of USD	Valuation technique(s) and key input	December 31, 2022	Level 1	Level 2	Level 3
Investments C and E in unlisted equity instruments	Recent transaction price	11,500	—	—	11,500
Investment in unlisted debt instrument	Net asset value	31,111	—	—	31,111

Summary of fair value measurement of assets

	Years ended December 31,
In thousands of USD	2021	2022
Unlisted equity instruments and debt instrument at fair value through profit or loss measured using significant unobservable inputs:
At January 1,	—	1,250
Additions	1,250	61,550
Disposals	—	(1,213)
Net gain on disposal of financial assets at fair value through profit or loss	—	213
Net fair value changes recognized in profit or loss	—	(841)
At December 31,	1,250	60,959

TAXATION

12 Months Ended

Dec. 31, 2022

TAXATION

TAXATION

19.

TAXATION

The subsidiaries of the Group incorporated in the Cayman Islands and British Virgin Islands (“BVI”) are not subject to tax on income or capital gain. In addition, payments of dividends by the Group to its shareholders are not subject to withholding tax in the Cayman Islands.

The subsidiaries of the Group incorporated in other countries are subject to income tax pursuant to the rules and regulations of their respective countries of incorporation.

The provisions for income taxes for the years ended December 31, 2020, 2021 and 2022 are summarized as follows:

	Years ended December 31,
In thousands of USD	2020	2021	2022
Current income tax expenses	52	13,125	(8,244)
Deferred income tax (benefit) / expenses	(8,013)	35,121	3,844
Total	(7,961)	48,246	(4,400)

The reconciliation between the income tax benefit / (expenses) calculated by applying the applicable tax rate of 17% to the profit / (loss) before income tax and the net income tax benefit / (expenses) as shown in the statements of operations and comprehensive income / (loss) for the years ended December 31, 2020, 2021 and 2022 is as follows.

	Years ended December 31,
	2020	2021	2022
Statutory income tax rate	17.00%	17.00%	17.00%
Effect of expenses not deductible for tax purpose	(0.35)%	11.99%	(22.71)%
Effect of income tax difference under different tax jurisdictions	2.55%	5.64%	(4.03)%
Effect of tax losses not recognized in deferred tax assets	(7.39)%	0.63%	0.75%
Prior year true-ups	—	2.11%	16.05%
Effect of non-taxable income	0.50%	(0.60)%	—
Others	0.17%	0.09%	(0.27)%
Total	12.48%	36.86%	6.79%

Deferred tax assets / (liabilities) as of December 31, 2021 and 2022 comprise the following:

	At December 31,
In thousands of USD	2021	2022
Deferred tax assets
Net operating losses	4,362	4,324
Share-based payments	—	2,672
Property, plant and equipment and intangible assets	260	533
Total deferred tax assets	4,622	7,529
Set-off of deferred tax positions relate to income taxes levied by the same tax authority	—	(2,672)
Deferred tax assets	4,622	4,857
Deferred tax liabilities
Property, plant and equipment	(7,547)	(14,298)
Set-off of deferred tax positions relate to income taxes levied by the same tax authority	—	2,672
Deferred tax liabilities	(7,547)	(11,626)
Net deferred tax assets / (liabilities)	(2,925)	(6,769)

The movements in the net deferred tax assets during the years ended December 31, 2020, 2021 and 2022 are as follows:

In thousands of USD	January 1, 2020	Recognized in profit or loss	Charged to invested capital⁽¹⁾	December 31, 2020
Tax losses carried forward	19,292	2,015	2,285	23,592
Accrued expenses	704	—	—	704
Property, plant and equipment	(192)	5,998	—	5,806
Net deferred tax assets	19,804	8,013	2,285	30,102

In thousands of USD	January 1, 2021	Recognized in profit or loss	Charged to invested capital⁽¹⁾	December 31, 2021
Tax losses carried forward	23,592	(21,324)	2,094	4,362
Accrued expenses	704	(704)	—	—
Property, plant and equipment	5,806	(13,093)	—	(7,287)
Net deferred tax assets / (liabilities)	30,102	(35,121)	2,094	(2,925)

In thousands of USD	January 1, 2022	Recognized in profit or loss	Charged to invested capital⁽¹⁾	December 31, 2022
Tax losses carried forward	4,362	(38)	—	4,324
Share-based payments	—	2,672	—	2,672
Property, plant and equipment	(7,287)	(6,478)	—	(13,765)
Net deferred tax liabilities	(2,925)	(3,844)	—	(6,769)

(1)

Deferred tax assets charged to invested capital is due to the Group recognizing deferred tax assets related to tax losses carried forward based on the tax losses available to the individual legal entities within the Group during the Carve-out Period, which creates differences between the income tax benefit or expense determined based on the operation results of the Bitdeer Business.

The Group has not recognized deductible temporary differences and a portion of the tax loss carryforward because the criteria for recognition (i.e., the probability of future taxable profits) were not met. The amount of such unused tax losses will expire as follows:

Tax Jurisdiction	Amount in thousands of USD	Earliest year of expiration if not utilized
Singapore	3,555	Indefinitely
Hong Kong	4,694	Indefinitely
United States	88,438	Indefinitely
Total	96,687

TAXATION - Movements in the net deferred tax assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net deferred tax assets
Balance at the beginning	$ (2,925)	$ 30,102	$ 19,804
Recognized in profit or loss	(3,844)	(35,121)	8,013
Charged to invested capital		2,094	2,285
Balance at the end	(6,769)	(2,925)	30,102
Tax losses carried forward
Net deferred tax assets
Balance at the beginning	4,362	23,592	19,292
Recognized in profit or loss	(38)	(21,324)	2,015
Charged to invested capital		2,094	2,285
Balance at the end	4,324	4,362	23,592
Accrued expenses
Net deferred tax assets
Balance at the beginning		704	704
Recognized in profit or loss		(704)
Balance at the end			704
Property, plant and equipment.
Net deferred tax assets
Balance at the beginning	(7,287)	5,806	(192)
Recognized in profit or loss	(6,478)	(13,093)	5,998
Balance at the end	(13,765)	$ (7,287)	$ 5,806
Share-based payments
Net deferred tax assets
Recognized in profit or loss	2,672
Balance at the end	$ 2,672

OTHER PAYABLES AND ACCRUALS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
OTHER PAYABLES AND ACCRUALS
Payables for surtaxes	$ 8,928	$ 8,184
Accrued operating expenses	5,539	2,108
Payables for staff related costs	2,182	5,839
Deposit from hosting customers	2,911
Restoration provision for leasehold land	1,343
Others	1,273	1,127
Total	$ 22,176	$ 17,258

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables)

12 Months Ended

Dec. 31, 2022

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

Schedule of financial assets

The breakdown of financial assets at fair value through profit or loss is as follows:

	At December 31,
In thousands of USD	2021	2022
Investments in unlisted equity instruments
- Investment A	1,000	1,000
- Investment B	250	1,000
- Investment C	—	10,000
- Investment D – investment in a limited partnership set up by Matrixport Group⁽¹⁾	—	16,348
- Investment E	—	1,500
Investments in unlisted debt instruments	—	31,111
Total	1,250	60,959

(1)	See Note 20.

RELATED PARTY TRANSACTIONS- Transactions with the related party (Details) - USD ($)		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
Provide service to a related party		$ 3,076,000	$ 530,000
Receive service from a related party		425,000	294,000
Interest earned from a related party		1,499,000	1,552,000
Return of wealth management products from a related party		283,000	$ 737,000
Changes in fair value of financial assets at fair value through profit or loss	$ 952,000	$ (952,000)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Details)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of Wealth Management Product \| item	2
Useful Life of Specified Mining Machines	2 years
Useful Life of Mining Data-center	13 years
Balance of cryptocurrency receivables	$ 0	$ 0	$ 0
Writeoff for allowance for Credit Loss,	0	0	0
Recovery for allowance for Credit Loss	$ 0	$ 0	$ 0

SUBSEQUENT EVENTS - Business Combination (Details)	Apr. 30, 2023
Business Combination
SUBSEQUENT EVENTS
Exchange ratio	0.00858

EARNINGS / (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2022

EARNINGS / (LOSS) PER SHARE

EARNINGS / (LOSS) PER SHARE

21.	EARNINGS / (LOSS) PER SHARE

The calculation of basic earnings / (loss) per share is based on the profit or loss attributable to ordinary equity shareholders of the Group and the weighted average number of ordinary shares in issue for the year ended December 31, 2021 and 2022.

Diluted earnings / (loss) per share is computed using the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the respective periods.

As the Group incurred losses for the year ended December 31, 2022, the potential ordinary shares related to the outstanding share awards exercisable into approximately 1.2 billion ordinary shares and convertible debt convertible into approximately 475 million ordinary shares were not included in the calculation of dilutive loss per share, as their inclusion would be anti-dilutive.

The following reflects the income and share data used in the basic and diluted earnings / (loss) per ordinary share computations:

	Years ended December 31,
In thousands of USD, except for the per share data	2020	2021	2022
Profit / (loss) attributable to ordinary equity shareholders of the Group	(55,826)	82,643	(60,366)
Weighted average number of ordinary shares outstanding (thousand shares)	12,662,126	12,662,126	12,662,126
Basic earnings / (loss) per share (In USD)	(0.00)	0.01	(0.00)

Profit / (loss) attributable to ordinary equity shareholders of the Group	(55,826)	82,643	(60,366)
Increase in profit attributable to ordinary equity shareholders of the Group resulted from conversion of convertible debt	—	1,223	—
Profit / (loss) attributable to ordinary equity shareholders of the Group for diluted EPS	(55,826)	83,866	(60,366)

Weighted average number of ordinary shares outstanding (thousand shares)	12,662,126	12,662,126	12,662,126
Adjusted for:
- Assumed conversion of convertible debt	—	210,681	—
- Assumed exercise of share awards	—	104,370	—
Weighted average number of shares outstanding for diluted EPS (thousand shares)	12,662,126	12,977,177	12,662,126
Diluted earnings / (loss) per share (In USD)	(0.00)	0.01	(0.00)

(1)

Each share of Class A ordinary shares, Series A preferred shares, Series B preferred shares and Series B+ preferred shares is granted 1 vote and each share of Class B ordinary shares is granted 10 votes. All classes of shares are entitled to dividend and rank pari passu except for voting rights. They are included in the ordinary shares and the shareholders of these preferred shares are referred to as the ordinary equity shareholders in the context of notes and presentations of earnings per share.

TAXATION - Provisions for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Current income tax expenses	$ (8,244)	$ 13,125	$ 52
Deferred income tax (benefit) / expenses	3,844	35,121	(8,013)
Total	$ (4,400)	$ 48,246	$ (7,961)

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

BORROWINGS - Schedule of borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Bank loan borrowings [line items]
Borrowings	$ 29,805	$ 29,460
Convertible debt
Bank loan borrowings [line items]
Borrowings	$ 29,805	$ 29,460

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]

Summary of non-cash investing and financing activities

	Years ended December 31,
In thousands of USD	2020	2021	2022
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Liabilities assumed in connection with acquisition of mining machines from related party	9,302	—	7,212
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	1,174	47,178	7,270
Payment for purchase of mining machines in form of cryptocurrencies	—	11,986	4,805
Cryptocurrencies received on behalf of related parties	6,312	—	—
Cryptocurrencies paid on behalf of related parties	—	24,852	—
Lending made to a third party in form of cryptocurrencies	—	10,222	—
Collection of lending from a third party in form of cryptocurrencies	—	6,487	—
Lending made to related party in form of cryptocurrencies	—	30,015	150,025
Collection of lending from related party in form of cryptocurrencies	—	30,735	151,525
Purchase of wealth management products using cryptocurrencies	—	30,004	149,972
Redemption of wealth management products in form of cryptocurrencies	—	30,724	150,268
Receivable on disposal of property, plant and equipment	850	—	—
Liabilities assumed in connection with acquisition of property, plant and equipment	156	3,494	—

TAXATION - Reconciliation of tax rate (Details)	12 Months Ended
TAXATION - Reconciliation of tax rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TAXATION
Statutory income tax rate	17.00%	17.00%	17.00%
Effect of expenses not deductible for tax purpose	(22.71%)	11.99%	(0.35%)
Effect of income tax difference under different tax jurisdictions	(4.03%)	5.64%	2.55%
Effect of tax losses not recognized in deferred tax assets	0.75%	0.63%	(7.39%)
Prior year true-ups	16.05%	2.11%
Effect of non-taxable income		(0.60%)	0.50%
Others	(0.27%)	0.09%	0.17%
Total	6.79%	36.86%	12.48%

RELATED PARTY TRANSACTION -Summary of transactions (Details) - USD ($)	12 Months Ended			24 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
Balance of cryptocurrency receivables	$ 0	$ 0	$ 0
Lending and wealth management products [Member]
RELATED PARTY TRANSACTIONS
Purchase of cryptocurrencies	286,000,000	0
Total receipts from collection of lending and redemption of wealth management products disposed	$ 302,000,000	$ 61,000,000
Loan with date of purchase September 8, 2021 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 30,000,000
Effective annual yield of return/interest rate	8.25%			8.25%
Wealth management product - type A with date of purchase October 20, 2021 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 30,000,000
Effective annual yield of return/interest rate	13.00%			13.00%
Wealth management product - type A with date of purchase January 14, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 80,000,000
Effective annual yield of return/interest rate	1.00%			1.00%
Loan with date of purchase April 1, 2022, one
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 15,000,000
Effective annual yield of return/interest rate	5.83%			5.83%
Loan with date of purchase April 1, 2022, one
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 5,000,000
Effective annual yield of return/interest rate	7.00%			7.00%
Wealth management product - type A with date of purchase April 15, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 10,000,000
Effective annual yield of return/interest rate	3.06%			3.06%
Loan with date of purchase May 12, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 30,000,000
Effective annual yield of return/interest rate	15.00%			15.00%
Wealth management product - type B with date of purchase June 17, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 10,000,000
Effective annual yield of return/interest rate	5.70%			5.70%
Wealth management product - type B with date of purchase June 20, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 50,000,000
Effective annual yield of return/interest rate	5.92%			5.92%
Loan with date of purchase July 1, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 80,000,000
Effective annual yield of return/interest rate	4.13%			4.13%
Loan with date of purchase October 11, 2022 [Member]
RELATED PARTY TRANSACTIONS
Amount of Cryptocurrencies				$ 20,000,000
Effective annual yield of return/interest rate	3.50%			3.50%

SHARE-BASED PAYMENTS - Schedule of movements in share awards (Details) - Options shares in Thousands, Options in Thousands	12 Months Ended
	Dec. 31, 2022 Options $ / shares shares	Dec. 31, 2021 Options $ / shares
Number of options
Beginning balance (in shares) \| Options	1,097,852
Number of awards granted (in shares) \| Options	139,690	1,097,852
Forfeited (in shares) \| Options	(25,597)
Ending balance (in shares) \| Options	1,211,945	1,097,852
Vested and exercisable at December 31, 2022 (in shares) \| shares	417,767
Average exercise price per share option
Beginning balance (in dollars per share)	$ 0.03
Granted during the year (in dollars per share)	0.03	$ 0.03
Forfeited (in dollars per share)	0.03
Ending balance (in dollars per share)	0.03	0.03
Vested and exercisable at December 31, 2022 (in dollars per share)	0.03
Average fair value per share option
Beginning balance (in dollars per share)	0.23
Granted during the year (in dollars per share)	0.16	0.23
Forfeited (in dollars per share)	0.22
Ending balance (in dollars per share)	0.22	$ 0.23
Vested and exercisable at December 31, 2022 (in dollars per share)	$ 0.22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investment properties (Details) - Investment property	12 Months Ended
	Dec. 31, 2022
Building
Investment properties
Estimated useful life of Property plant and equipment	15 years
Leasehold land
Investment properties
Estimated useful life of Property plant and equipment	15 years
Machinery, Fixtures and Fittings [Member] \| Bottom of range [member]
Investment properties
Estimated useful life of Property plant and equipment	3 years
Machinery, Fixtures and Fittings [Member] \| Top of range [member]
Investment properties
Estimated useful life of Property plant and equipment	8 years

ASSET ACQUISITION -Net identifiable assets acquired and purchase consideration (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Net identifiable assets
Investment properties		$ 35,542
NET ASSETS		$ 318,339		$ 288,079
Asia Freeport Holdings Pte. Ltd.
Net identifiable assets
Investment properties			$ 34,986
Other assets			529
Other liabilities			8,727
NET ASSETS			$ 26,788
Purchase consideration
Cash consideration paid	$ 5,187
Consideration, Settlement of liabilities	21,107
Transaction costs	494
Total consideration	$ 26,788

CRYPTOCURRENCIES - Group's cryptocurrencies (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CRYPTOCURRENCIES.
Cryptocurrencies other than USDC	$ 2,086	$ 6,088
USDC	89	99
Total cryptocurrencies	$ 2,175	$ 6,187	$ 9,582	$ 1,087

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

LEASES

Summary of combined statements of financial position relating to the right-of-use assets and lease liabilities

The consolidated statements of financial position show the following amounts relating to the right-of-use assets:

The consolidated statements of financial position show the following amounts relating to the lease liabilities:

	At December 31,
In thousands of USD	2021	2022
Lease liabilities mature within 12 months	3,287	4,973
Lease liabilities mature over 12 months	59,681	65,452
Total lease liabilities*	62,968	70,425

Summary of Amounts recognized in profit or loss related to lease

	Years ended December 31,
In thousands of USD	2020	2021	2022
Depreciation expense of right-of-use assets*	3,983	4,636	5,371
Gain on lease modification	(6)	(205)	—
Interest expense*	817	1,217	2,425
Expenses relating to variable payment leases	—	610	639
Expenses relating to short-term leases	372	351	527
Total	5,166	6,609	8,962

*	Depreciation expense of right-of-use asset of approximately $0.2 million and interest expense of approximately $0.1 million was related to the leasehold land included in the investment properties. See Note 12.

Schedule of Provision for Restoration [Table Text Block]

The following table represents the movement of the restoration provision:

In thousands of USD
Restoration provision at December 31, 2021			—
Recognition through asset acquisition			1,343
Change in provision			—
Restoration provision at December 31, 2022			1,343

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful lives (Details)	12 Months Ended
	Dec. 31, 2022
Software
Intangible assets with finite useful lives
Useful lives of intangible assets	3 years

INVESTMENT PROPERTIES

12 Months Ended

Dec. 31, 2022

INVESTMENT PROPERTIES

INVESTMENT PROPERTIES

12.	INVESTMENT PROPERTIES

The detail of investment properties is as follows:

In thousands of USD	Leasehold land	Building	Others	Total
Cost:
At July 1, 2022^*	—	—	—	—
Acquisition of assets	4,833	29,773	380	34,986
Additions	730	—	—	730
Exchange adjustments	183	906	14	1,103
At December 31, 2022	5,746	30,679	394	36,819
Accumulated depreciation:
At January 1, 2022	—	—	—	—
Charge for the year	(192)	(1,019)	(26)	(1,237)
Exchange adjustments	(7)	(32)	(1)	(40)
At December 31, 2022	(199)	(1,051)	(27)	(1,277)
Net book value:
At December 31, 2022	5,547	29,628	367	35,542

*	The investment properties were acquired from the acquisition of AFH, which was closed on July 1, 2022. See Note 5

Leasehold land included in investment properties were right-of-use assets associated with leasehold land under operating leases where the building was constructed on. See Note 13.

The Group leases the investment properties to its customers under operating leases for terms ranging from 1 to 12 years, with an option to extend for an additional lease term. The lease contracts contain market review clauses in the event that the lessees exercise their options to extend. The lessees do not have bargain purchase options to acquire the investment properties at the expiry of the lease term.

The maturity analysis of lease payments receivable under operating leases of investment properties was as follows:

In thousands of USD			At December 31, 2022
2023			3,600
2024			3,701
2025			3,229
2026			2,492
2027			1,855
Thereafter			4,711
Total			19,588

The Group has no restrictions on the use of its investment properties and no contractual obligations to each investment property purchased or for repairs, maintenance and enhancements.

The fair value of investment properties of the Group as of December 31, 2022 was determined using the income approach with the assistance of an independent valuation specialist. The investment properties were classified as Level 3 in the fair value hierarchy.

Under the income approach, the estimated fair value of the investment properties is based on the operation projection and the discount rate. The fair value of investment properties as of December 31, 2022 was approximately US$36.2 million.

The Group did not record any impairment related to investment properties in the year ended December 31, 2022.

ASSET ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2022

ASSET ACQUISITION

Schedule of asset acquisition

Net identifiable assets In thousands of USD			At July 1, 2022
Investment properties			34,986
Other assets			529
Other liabilities			8,727
Net identifiable assets			26,788

Schedule of purchase consideration for asset acquisition

Purchase consideration In thousands of USD			At July 1, 2022
Cash consideration paid			5,187
Liabilities settled			21,107
Transaction costs			494
Total consideration			26,788

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS - Finance income (costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS
Interest on lease liabilities	$ (2,425)	$ (1,217)	$ (817)
Cryptocurrency transaction service fee	(159)	(109)	(458)
Gain / (loss) on foreign currency transactions	(2,881)	(226)	618
Interest income	4,291	2,947	419
Interest expense on bank loan		(3)	(6)
Interest expense on convertible debt	(2,778)	(1,223)
Others	(229)	(110)	(136)
Total	$ (4,181)	$ 59	$ (380)

CRYPTOCURRENCIES (Details) - USD ($)	12 Months Ended
CRYPTOCURRENCIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cryptocurrencies [Line Items]
Beginning balances	$ 6,187,000	$ 9,582,000	$ 1,087,000
Ending balances	2,175,000	6,187,000	9,582,000
Gains (losses) on fair value changes of cryptocurrency		(3,735,000)
Cryptocurrencies other than United States Dollar Coin [Member]
Cryptocurrencies [Line Items]
Beginning balances	6,088,000	9,527,000	1,087,000
Ending balances	2,086,000	6,088,000	9,527,000
Cost:
Cryptocurrencies [Line Items]
Beginning balances	6,697,000	9,656,000	1,194,000
Additions	865,333,000	655,028,000	172,530,000
Cryptocurrencies received on behalf of related parties			6,312,000
Cryptocurrencies paid on behalf of related parties		(24,852,000)
Disposals	(569,854,000)	(562,894,000)	(170,380,000)
Loan to a third party		(10,222,000)
Purchase of cryptocurrency-denoted wealth management product from a related party	(149,972,000)	(30,004,000)
Loan to related parties	(150,025,000)	(30,015,000)
Ending balances	2,179,000	6,697,000	9,656,000
Cost: \| Cryptocurrencies other than United States Dollar Coin [Member]
Cryptocurrencies [Line Items]
Beginning balances	6,598,000	9,601,000	1,194,000
Additions	586,117,000	575,730,000	172,475,000
Cryptocurrencies received on behalf of related parties			6,312,000
Cryptocurrencies paid on behalf of related parties		(24,852,000)
Disposals	(425,649,000)	(513,655,000)	(170,380,000)
Loan to a third party		(10,222,000)
Purchase of cryptocurrency-denoted wealth management product from a related party	(149,972,000)	(30,004,000)
Loan to related parties	(15,004,000)
Ending balances	2,090,000	6,598,000	9,601,000
Impairment:
Cryptocurrencies [Line Items]
Beginning balances	(510,000)	(74,000)	(107,000)
Additions		(436,000)
Disposals	506,000		33,000
Ending balances	(4,000)	(510,000)	(74,000)
Impairment: \| Cryptocurrencies other than United States Dollar Coin [Member]
Cryptocurrencies [Line Items]
Beginning balances	(510,000)	(74,000)	(107,000)
Additions		(436,000)
Disposals	506,000		33,000
Ending balances	$ (4,000)	$ (510,000)	$ (74,000)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Useful lives of PPE (Details)	12 Months Ended
	Dec. 31, 2022
Buildings
Property, plant and equipment
Estimated useful life of Property plant and equipment	20 years
Machinery \| Bottom of range [member]
Property, plant and equipment
Estimated useful life of Property plant and equipment	3 years
Machinery \| Top of range [member]
Property, plant and equipment
Estimated useful life of Property plant and equipment	10 years
Electronic Equipment [Member] \| Bottom of range [member]
Property, plant and equipment
Estimated useful life of Property plant and equipment	3 years
Electronic Equipment [Member] \| Top of range [member]
Property, plant and equipment
Estimated useful life of Property plant and equipment	7 years
Leasehold improvements
Property, plant and equipment
Estimated useful life of Property plant and equipment	3 years

PREPAYMENTS AND OTHER ASSETS (Details) $ in Thousands	12 Months Ended
PREPAYMENTS AND OTHER ASSETS (Details) $ in Thousands	Dec. 31, 2022 USD ($) item tranche	Dec. 31, 2021 USD ($)
PREPAYMENTS AND OTHER ASSETS
Prepayments to suppliers	$ 9,664	$ 14,450
Deposits	26,577	6,669
Deductible input value-added tax	757	760
Prepayments of income tax	18,459
Receivable from a third party	2,546
Receivable from the disposed subsidiaries		10,203
Others	1,573	2,555
Total	59,576	$ 34,637
Blue Safari Acquisition Corp [Member]
PREPAYMENTS AND OTHER ASSETS
Loan to third party	$ 1,990
Number of tranches \| tranche	2
Loan to third party additional principal amount	$ 2,580
Loan to third party number of additional tranches \| tranche	4
Merger completion extension term	3 months
Merger completion term number of extensions \| item	2

TAXATION (Tables)

12 Months Ended

Dec. 31, 2022

TAXATION

Summary of provisions for income taxes

	Years ended December 31,
In thousands of USD	2020	2021	2022
Current income tax expenses	52	13,125	(8,244)
Deferred income tax (benefit) / expenses	(8,013)	35,121	3,844
Total	(7,961)	48,246	(4,400)

Summary of reconciliation between the income tax benefit / (expenses) calculated by applying the applicable tax rate and the net income tax benefit shown

	Years ended December 31,
	2020	2021	2022
Statutory income tax rate	17.00%	17.00%	17.00%
Effect of expenses not deductible for tax purpose	(0.35)%	11.99%	(22.71)%
Effect of income tax difference under different tax jurisdictions	2.55%	5.64%	(4.03)%
Effect of tax losses not recognized in deferred tax assets	(7.39)%	0.63%	0.75%
Prior year true-ups	—	2.11%	16.05%
Effect of non-taxable income	0.50%	(0.60)%	—
Others	0.17%	0.09%	(0.27)%
Total	12.48%	36.86%	6.79%

Summary of deferred tax assets / (liabilities)

	At December 31,
In thousands of USD	2021	2022
Deferred tax assets
Net operating losses	4,362	4,324
Share-based payments	—	2,672
Property, plant and equipment and intangible assets	260	533
Total deferred tax assets	4,622	7,529
Set-off of deferred tax positions relate to income taxes levied by the same tax authority	—	(2,672)
Deferred tax assets	4,622	4,857
Deferred tax liabilities
Property, plant and equipment	(7,547)	(14,298)
Set-off of deferred tax positions relate to income taxes levied by the same tax authority	—	2,672
Deferred tax liabilities	(7,547)	(11,626)
Net deferred tax assets / (liabilities)	(2,925)	(6,769)

Summary of movements in the net deferred tax assets

In thousands of USD	January 1, 2020	Recognized in profit or loss	Charged to invested capital⁽¹⁾	December 31, 2020
Tax losses carried forward	19,292	2,015	2,285	23,592
Accrued expenses	704	—	—	704
Property, plant and equipment	(192)	5,998	—	5,806
Net deferred tax assets	19,804	8,013	2,285	30,102

In thousands of USD	January 1, 2021	Recognized in profit or loss	Charged to invested capital⁽¹⁾	December 31, 2021
Tax losses carried forward	23,592	(21,324)	2,094	4,362
Accrued expenses	704	(704)	—	—
Property, plant and equipment	5,806	(13,093)	—	(7,287)
Net deferred tax assets / (liabilities)	30,102	(35,121)	2,094	(2,925)

In thousands of USD	January 1, 2022	Recognized in profit or loss	Charged to invested capital⁽¹⁾	December 31, 2022
Tax losses carried forward	4,362	(38)	—	4,324
Share-based payments	—	2,672	—	2,672
Property, plant and equipment	(7,287)	(6,478)	—	(13,765)
Net deferred tax liabilities	(2,925)	(3,844)	—	(6,769)

(1)

Summary of gross value of unused tax losses

Tax Jurisdiction	Amount in thousands of USD	Earliest year of expiration if not utilized
Singapore	3,555	Indefinitely
Hong Kong	4,694	Indefinitely
United States	88,438	Indefinitely
Total	96,687

BORROWINGS

12 Months Ended

Dec. 31, 2022

BORROWINGS

BORROWINGS

14.	BORROWINGS

Borrowings consist of the following:

	At December 31
In thousands of USD	2021	2022
Convertible debt⁽¹⁾	29,460	29,805
Total	29,460	29,805

(1)

The Group issued a US$30 million promissory note on July 23, 2021. The promissory note is non-secured, bears an annual interest rate of 8%, matures on July 23, 2023 and provides the holder an option to convert all or any portion of the note into the Group’s ordinary shares at US$0.0632 per share at any time from the issuance of the note to the second anniversary of the date of issuance. Approximately US$683,000 was recognized as an equity component. The unamortized discount as of December 31, 2021 and 2022 was approximately US$524,000 and US$195,000.

PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

PROPERTY, PLANT AND EQUIPMENT..

Summary of property, plant and equipment

The details of property, plant and equipment are as follows:

In thousands of USD	Construction in progress	Building	Land	Machinery	Electronic equipment	Leasehold improvements	Others	Total
Cost:
At January 1, 2020	12,596	16,209	484	5,445	1,070	13,889	637	50,330
Additions	18,263	—	—	12	832	—	307	19,414
Construction in progress
transferred in	(27,486)	6,354	—	3,858	895	15,195	1,184	—
Disposals	—	—	—	(172)	(755)	(158)	(132)	(1,217)
At December 31, 2020	3,373	22,563	484	9,143	2,042	28,926	1,996	68,527
Accumulated depreciation:
At January 1, 2020	—	(333)	—	(83)	(278)	(3,368)	(301)	(4,363)
Charge for the year	—	(955)	—	(1,115)	(546)	(7,177)	(305)	(10,098)
Disposals	—	—	—	5	121	127	50	303
At December 31, 2020	—	(1,288)	—	(1,193)	(703)	(10,418)	(556)	(14,158)
Impairment:
At January 1, 2020	—	—	—	—	—	—	—	—
Additions	(2,211)	—	—	—	—	—	—	(2,211)
At December 31, 2020	(2,211)	—	—	—	—	—	—	(2,211)
Net book value:
At December 31, 2020	1,162	21,275	484	7,950	1,339	18,508	1,440	52,158

In thousands of USD	Construction in progress	Building	Land	Machinery	Electronic equipment	Leasehold improvements	Others	Total
Cost:
At January 1, 2021	3,373	22,563	484	9,143	2,042	28,926	1,996	68,527
Additions	59,524	886	—	479	3,228	—	1,329	65,446
Construction in progress transferred in	(27,097)	—	—	6,133	936	19,646	382	—
Disposals	(2,211)	—	—	(21)	(871)	(147)	(185)	(3,435)
At December 31, 2021	33,589	23,449	484	15,734	5,335	48,425	3,522	130,538
Accumulated depreciation:
At January 1, 2021	—	(1,288)	—	(1,193)	(703)	(10,418)	(556)	(14,158)
Charge for the year	—	(1,100)	—	(1,235)	(793)	(10,805)	(501)	(14,434)
Disposals	—	—	—	1	462	112	96	671
At December 31, 2021	—	(2,388)	—	(2,427)	(1,034)	(21,111)	(961)	(27,921)
Impairment:
At January 1, 2021	(2,211)	—	—	—	—	—	—	(2,211)
Disposals	2,211	—	—	—	—	—	—	2,211
At December 31, 2021	—	—	—	—	—	—	—	—
Net book value:
At December 31, 2021	33,589	21,061	484	13,307	4,301	27,314	2,561	102,617
Cost:
At January 1, 2022	33,589	23,449	484	15,734	5,335	48,425	3,522	130,538
Additions	54,107	—	—	1,228	4,681	2,431	4,295	66,742
Additions related to asset acquisition (See Note 5)	—	—	—	—	1	—	14	15
Construction in progress transferred in	(71,184)	—	—	16,132	794	53,661	597	—
Disposals	—	—	—	(222)	(187)	—	—	(409)
At December 31, 2022	16,512	23,449	484	32,872	10,624	104,517	8,428	196,886
Accumulated depreciation:
At January 1, 2022	—	(2,388)	—	(2,427)	(1,034)	(21,111)	(961)	(27,921)
Charge for the year	—	(1,137)	—	(4,392)	(1,532)	(21,892)	(1,485)	(30,438)
Disposals	—	—	—	16	93	—	—	109
At December 31, 2022	—	(3,525)	—	(6,803)	(2,473)	(43,003)	(2,446)	(58,250)
Net book value:
At December 31, 2022	16,512	19,924	484	26,069	8,151	61,514	5,982	138,636

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2022

SUPPLEMENTAL CASH FLOW INFORMATION [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

22.	SUPPLEMENTAL CASH FLOW INFORMATION

The non-cash investing and financing activities are as follows:

	Years ended December 31,
In thousands of USD	2020	2021	2022
NON-CASH INVESTING AND FINANCING TRANSACTIONS
Liabilities assumed in connection with acquisition of mining machines from related party	9,302	—	7,212
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	1,174	47,178	7,270
Payment for purchase of mining machines in form of cryptocurrencies	—	11,986	4,805
Cryptocurrencies received on behalf of related parties	6,312	—	—
Cryptocurrencies paid on behalf of related parties	—	24,852	—
Lending made to a third party in form of cryptocurrencies	—	10,222	—
Collection of lending from a third party in form of cryptocurrencies	—	6,487	—
Lending made to related party in form of cryptocurrencies	—	30,015	150,025
Collection of lending from related party in form of cryptocurrencies	—	30,735	151,525
Purchase of wealth management products using cryptocurrencies	—	30,004	149,972
Redemption of wealth management products in form of cryptocurrencies	—	30,724	150,268
Receivable on disposal of property, plant and equipment	850	—	—
Liabilities assumed in connection with acquisition of property, plant and equipment	156	3,494	—

Label	Element	Value
Class A ordinary shares [Member]
Par value per share	ifrs-full_ParValuePerShare	$ 0.0000001
Number of shares authorised	ifrs-full_NumberOfSharesAuthorised	491,722,670,897
Class B ordinary shares [Member]
Par value per share	ifrs-full_ParValuePerShare	$ 0.0000001
Number of shares authorised	ifrs-full_NumberOfSharesAuthorised	5,631,795,619

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

12 Months Ended

Dec. 31, 2022

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

9.	FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

The breakdown of financial assets at fair value through profit or loss is as follows:

	At December 31,
In thousands of USD	2021	2022
Investments in unlisted equity instruments
- Investment A	1,000	1,000
- Investment B	250	1,000
- Investment C	—	10,000
- Investment D – investment in a limited partnership set up by Matrixport Group⁽¹⁾	—	16,348
- Investment E	—	1,500
Investments in unlisted debt instruments	—	31,111
Total	1,250	60,959

(1)	See Note 20.

The above investments in unlisted debt and equity instruments at December 31, 2021 and 2022 were investments in funds and privately-held enterprises. These financial assets at fair value through profit or loss are measured at fair value using Levels 3 inputs. Refer to Note 4 for more information. The Group does not have control or significant influence over the privately-held enterprises.

LEASES - Restoration provision (Details) $ in Thousands	12 Months Ended
LEASES - Restoration provision (Details) $ in Thousands	Dec. 31, 2022 USD ($)
LEASES
Recognition through asset acquisition	$ 1,343
Restoration provision, ending balance	$ 1,343

PREPAYMENTS AND OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

PREPAYMENTS AND OTHER ASSETS

Summary of prepayments and other assets

The breakdown of prepayments and other assets is as follows:

	At December 31,
In thousands of USD	2021	2022
Prepayments to suppliers	14,450	9,664
Deposits	6,669	26,577
Deductible input value-added tax	760	757
Prepayments of income tax	—	18,459
Receivable from a third party⁽²⁾	—	2,546
Receivable from the disposed subsidiaries⁽¹⁾	10,203	—
Others	2,555	1,573
Total	34,637	59,576

(1)	Represent balance due from two subsidiaries which the Group disposed of in December 2021. The receivables have been fully collected by March 2022.

(2)

ASSET ACQUISITION (Details) - USD ($) $ in Thousands			12 Months Ended
ASSET ACQUISITION (Details) - USD ($) $ in Thousands	Jul. 01, 2022	Jun. 17, 2022	Dec. 31, 2022
ASSET ACQUISITION
Cash consideration			$ 26,730
Asia Freeport Holdings Pte. Ltd.
ASSET ACQUISITION
Percent of voting interests acquired		100.00%
Purchase consideration	$ 26,788
Cash consideration	6,000
Consideration, Settlement of liabilities	$ 21,107

EARNINGS / (LOSS) PER SHARE - Additional information (Details) - Vote	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2022
Series A preferred shares
EARNINGS / (LOSS) PER SHARE
Number of votes per share		1
Series B preferred shares
EARNINGS / (LOSS) PER SHARE
Number of votes per share		1
Series B+ Preferred Shares
EARNINGS / (LOSS) PER SHARE
Number of votes per share		1
Class A ordinary shares
EARNINGS / (LOSS) PER SHARE
Number of votes per share	1
Class B ordinary shares
EARNINGS / (LOSS) PER SHARE
Number of votes per share	10

EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

EQUITY.

Schedule of classes of share capital

	Class A Ordinary Shares	Amount in USD	Class B Ordinary Shares	Amount in USD
At January 1, 2021, shares issued and outstanding	—	—	—	—
Share allotment upon Reorganization	10,016,592,322	1,002	—	—
Redesignation of ordinary shares	(5,631,795,619)	(563)	5,631,795,619	563
At December 31, 2021, shares issued and outstanding	4,384,796,703	439	5,631,795,619	563
At December 31, 2022, shares issued and outstanding	4,384,796,703	439	5,631,795,619	563

	Series A Preferred Shares	Amount in USD	Series B Preferred Shares	Amount in USD	Series B+ Preferred Shares	Amount in USD
At January 1, 2021, shares issued and outstanding	—	—	—	—	—	—
Share allotment upon Reorganization	461,033,549	46	870,232,230	87	1,314,267,705	131
At December 31, 2021, shares issued and outstanding	461,033,549	46	870,232,230	87	1,314,267,705	131
At December 31, 2022, shares issued and outstanding	461,033,549	46	870,232,230	87	1,314,267,705	131

EXPENSES BY NATURE AND OTHER INCOME AND EXPENSES ITEMS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Expenses by nature [abstract]
Staff cost- salaries, wages and other benefits	$ 50,132	$ 37,730	$ 33,041
Share-based payments	90,648	88,355
Amortization- intangible assets	97	146	111
Electricity cost in operating mining machines	139,469	58,447	72,078
Cost of mining machines sold	1,002	5,978	17,537
Consulting service fee	6,797	8,787	1,039
Tax and surcharge	3,355	2,202	3,085
Advertising expenses	737	880	2,189
Office expenses	3,124	2,219	543
Research and development technical service fees	1,313	1,964	681
Expense of low-value consumables	4,025	1,662	971
Expenses of variable payment lease	639	610
Expenses of short-term leases	527	351	372
Impairment loss of mining machines		106
Logistic expenses	3,060	1,391	339
Travel expenses	3,202	1,393	52
Insurance fee	3,446	983	459
Others	12,756	4,826	766
Total cost of revenue, selling, general and administrative and research and development expenses	390,656	280,939	245,189
Mining Machine [Member]
Expenses by nature [abstract]
Depreciation	29,281	43,857	98,136
Property, plant and equipment.
Expenses by nature [abstract]
Depreciation	30,438	14,416	9,807
Right-of-use assets.
Expenses by nature [abstract]
Depreciation	5,371	$ 4,636	$ 3,983
Investment property
Expenses by nature [abstract]
Depreciation	$ 1,237